Investors Have Concerns Over Weakness in ANZ's Australia-Geography Revenue -- Market Talk

Dow Jones05-08

2225 GMT - The weakness of ANZ's Australia-geography revenue is starting to grow into a serious investor concern, Citi analysts Brendan Sproules and Thomas Strong say in a note. They have particular reservations about ANZ's retail bank unit's strategy to grow the balance sheet faster than the wider system, whichappears to have only accelerated the contraction in the division revenue and cash earnings. "ANZ core earnings are still declining, with investors unsure of the strategic merit of the current strategy as well as missing key disclosures," Citi says in an analysis of the Australian lender's 1H FY 2024 results. Citi keeps its sell call, but drops ANZ to third in its major bank order of preference. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

May 07, 2024 18:25 ET (22:25 GMT)

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