ANZ to give back capital

ANZ’s cash profit rose to A$2.99bil (US$2.3bil or RM9.48bil) for the six months ended March 31 from A$1.41bil a year ago.

SYDNEY: Australia and New Zealand Banking Group (ANZ) said it would consider returning capital to shareholders as its first-half profit more than doubled, boosted by the release of funds it had set aside previously to cover potential Covid-19 losses.

Australian banks started recovering from the pandemic earlier than global peers, as the country’s success in controlling the virus combined with near-zero interest rates and high government spending lifted consumer confidence and the housing market.