Australia's ANZ sees improved margins on rising rates, cash profit grows

The lender said it expects margins to be partly helped by higher deposit-driven earnings growth as the banking sector steps into a new period of higher borrowing rates.

SYDNEY: Australia and New Zealand Banking Group beat estimates for first-half profit on Wednesday, helped by the release of pandemic-era provisions and home loan growth in New Zealand, and forecast improved second-half margins as interest rates rise.

The lender said it expects margins to be partly helped by higher deposit-driven earnings growth as the banking sector steps into a new period of higher borrowing rates.