Australia’s ANZ unveils $1.3 bln buyback after half-year earnings meet estimates

By Jerry  Published On May 7, 2024
May 7 (Reuters) – ANZ Group (ANZ.AX), opens new tab on Tuesday unveiled a new A$2 billion ($1.32 billion) share buyback after the bank’s first-half cash earnings largely met analyst estimates, but flagged its concerns about challenges in Australian and global economies.
Cash profit fell 7% to A$3.55 billion ($2.35 billion) for the six months ended March 31, only slightly above a Visible Alpha consensus estimate, compiled by UBS, of A$3.54 billion.
“Both the domestic and international environments are expected to remain challenging across the remainder of the year,” ANZ CEO Shayne Elliott said.
“The Australian and New Zealand economies are likely to remain subdued, while geopolitical tensions, electoral uncertainty and the introduction of interventionist trade and industry policies will continue internationally.”
ANZ shares fell 2.3% in early trade, underperforming the broader market (.AXJO), opens new tab.
With its new buy-back programme, ANZ follows suit with its larger rivals National Australia Bank (NAB.AX), opens new tab and Westpac (WBC.AX), opens new tab to return capital to shareholders despite a declining profit as its balance sheet remains supportive.
Source: REUTER

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