ANZ cash half year profit is up 5%, ahead of forecasts at $3.676 billion

ANZ CEO Mike Smith

The ANZ Bank posted a better than forecast 5% rise in half year cash profit to $3.676 billion.

Market analysts had predicted a 4% rise. The result came on the back of a 7% increase in operating income to $10.23 billion. Statutory profit was up 3% to $3.506 billion.

The result was better than Westpac’s flat and worse than expected first half cash profit of $3.778 billion which saw bank stocks dumped on the ASX.

ANZ CEO Mike Smith said the bank will be operating in a lower growth environment with occasional volatility and shocks.

“Nevertheless, the outlook for credit quality remains relatively benign supported by low interest rates, the stimulus of a low oil price and an appreciating US Dollar,” he said.

“While China‚Äôs economic growth is slowing, this process is being well managed.”

The bank announced a 4% increase in the interim dividend to 86 cents a share.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.