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.