ANZ cuts dividends as profits slip amid ‘intense’ lending competition

ANZ chief executive Shayne Elliott said competition in home lending and deposit was intense, as the bank recorded a $6.7 billion cash profit over the last year, down 8 per cent and below market expectations.

Like National Australia Bank, ANZ also reported rising arrears from higher interest rates. The number of loans that were more than 90 days overdue, but not yet formally impaired, rose by 47 per cent over the year to $4.2 billion.

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