ANZ +0.44%: Was up today following their 1H22 result that was ahead of expectations, although there was some write back of bad debts that helped the outcome. Cash profit from continuing operations $3.11 billion was +4.1% y/y versus consensus expectations of $2.89 billion plus the 2H is expected to improve as rising interest rates start to grow net interest margins again, which fell to 1.58%. The interim dividend of 72cps was ahead of 70cps expected while tier 1 capital remains a healthy 11.5%, implying about $3.4 billion in surplus capital on their balance sheet. Overall a solid result.
MM is bullish ANZ targeting ~$30
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