ANZ's 1H Results Could Prompt Consensus Profit Downgrades -- Market Talk

Dow Jones05-07

0022 GMT - ANZ's 1H FY 2024 results could spur a 1%-2% downgrade to consensus core profit forecasts for FY 2024-FY 2026 to reflect a lower net interest margin and higher costs, E&P analyst Azib Khan says in a note. The lender's 1H core profit missed both E&P and Visible Alpha's forecasts by 2.7% and 1.4% respectively, largely due to costs coming in higher than expected. "While revenue is broadly in line with expectations, it has been assisted by an exceptionally strong half for Markets. Cash earnings are broadly in line with expectations courtesy of a low credit impairment charge," says E&P.(alice.uribe@wsj.com)

(END) Dow Jones Newswires

May 06, 2024 20:22 ET (00:22 GMT)

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