By Alice UribeSYDNEY--ANZ Group Holdings said its annual net profit was flat on a year earlier, but the bank increased its dividend even as higher interest rates impact economic activity. Analysts had expected a full-year net profit of A$7.21 billion, according to FactSet's consensus estimate. "This is critical as we enter a period of continued high interest rates, rising costs and geopolitical tensions." ANZ said credit provision overlays for increased risks associated with rising inflation, higher interest rates and increased geopolitical tensions have been largely retained. Net interest margin--a key profitability indicator--was 1.70%, compared with 1.63% a year ago.

Source: Wall Street Journal November 12, 2023 22:01 UTC