ANZ profit falls short as CEO Nuno Matos pushes for turnaround

[ANZ Bank branch in Wellington, New Zealand]
georgeclerk/iStock Unreleased via Getty Images

ANZ Group Holdings (OTCPK:ANZGY [https://seekingalpha.com/symbol/ANZGY]) (OTCPK:ANZGF [https://seekingalpha.com/symbol/ANZGF]) reported a weaker-than-expected annual profit as Chief Executive Nuno Matos pledged to accelerate efforts to streamline the bank and boost returns.

The lender’s cash profit fell 14% to A$5.79 billion ($3.8 billion) for the year ended Sept. 30, missing analysts’ estimates of about A$6.28 billion, according to data compiled by Bloomberg.

Matos, who took over as CEO six months ago, has launched a broad restructuring plan aimed at cutting costs and simplifying operations. The overhaul has included eliminating roughly 3,500 jobs, bringing in new senior leaders and setting return-on-equity targets to reassure investors about the bank’s long-term profitability.

“The results we have announced today demonstrate our franchise is strong, but action is needed,” Matos said in a statement.

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