ANZ Bank Announces Share Buyback Amidst Lower-Than-Expected Profits: Impact on Coin Market (ANZ)

• ANZ Group Holdings Ltd announces a A$2 billion buyback as first-half earnings fall short of estimates.
• The bank’s cash profit fell 7% to A$3.55 billion in the six months to March 31, missing the average projection of A$3.63 billion.
• ANZ’s net interest margins fell to 1.56% from 1.75% in the prior year, contributing to a drop in total net interest income of A$597 million.

ANZ Group Holdings Ltd announces a A$2 billion buyback amidst declining profits, reflecting a trend among Australian banks to sweeten the deal for investors.

ANZ Announces A$2 Billion Buyback as Profits Decline

ANZ Group Holdings Ltd, the Melbourne-based lender, announced a A$2 billion buyback as first-half earnings missed estimates. This continues the trend of Australian banks handing investors a sweetener as profits decline. The bank’s shares fell as much as 2.7% in Sydney trading on Tuesday.Read the full article for FREE at COINOTAG!