ANZ shares are ripping higher despite its huge profit miss

Jamie Soward of the Panthers kicks during the round seven NRL match between the Sydney Roosters and the Penrith Panthers. Matt King/Getty Images

ANZ shares were up more than 4% despite posting a lower than expected profit and cutting dividends.

A short time ago, the shares were 4.3% to $24.75. The other big banks were also trading higher with the NAB up 2.3% to $27.26 and the Commonwealth more than 2% to $73.90.

The ANZ posted a 24% fall in cash profit to $2.8 billion for the six months to March when the market had been expecting $3.6 billion.

The ANZ also cut its interim dividend by 7% to 80 cents a share, the first time the bank has reduced its shareholder payout since the GFC.

The shares hit a low of $22.78 today before reversing direction.

Analysts see today’s results as part of the cleaning out process by new CEO Shayne Elliott who took over from Mike Smith on January 1.

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