ANZ disappoints with results

Australia and New Zealand Banking Group turned out the least impressive second-half profit among Australia's major lenders this morning, stung by higher costs, and sent a clear signal that their growth is now on the wane. The bank posted four per cent growth in second-half underlying profit, much less than two of its main rivals have reported, though for the full year ANZ still made A$5.65bn (£3.6bn). However, taking into account its trading activities, second-half profit actually fell by around two per cent to A$2.77bn, the firm’s results showed.