Australian lender ANZ's annual profit shrinks as late repayments rise
SYDNEY (Reuters) -ANZ, Australia's No. 4 lender by mortgages, said annual profit tumbled as fierce competition ate away margins while late loan repayments surged, underscoring the pressure on banks and their customers as they hold out for an interest rate cut. The country's seventh-largest listed company by market value said cash profit dipped 8% to A$6.73 billion ($4.49 billion) for the year to end-September, just missing a Visible Alpha consensus of A$6.82 billion, as inflation pushed up expenses while loan margins narrowed. The result capped a week of shrinking profit announcements from three of Australia's four biggest banks, which have been sacrificing either market share or margins for more than two years to survive a price war fuelled by elevated interest rates and living costs.