ANZ -1.92%: the second bank out with a trading update, ANZ disappointed on most fronts, weighing on the financials sector. Net Interest Margin (NIM) continued its slide, down 8bps vs the 2H21 average to just 1.57% in the quarter. They blamed a soft run rate heading into the quarter and noted NIM pressures were subsiding. A similar story in the markets business, having a soft start to the quarter but income improving in November and December. Costs were another key drag on the update. ANZ said operational costs were flat and investment costs rose whereas Westpac saw both fall substantially in the period. There were some small wins – provision release of $44m helped and the mortgage book growing marginally were the highlights. ANZ is two thirds of the way through a $1.5b buyback, and with a strong CET1 position of 11.65% they hinted to increasing the size if economic conditions continue to improve.
MM owns CBA, BOQ & VUK amongst the banks
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