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RETAIL BANKING | Staff Reporter, Australia

ANZ's unaudited cash profit up 8% to hit $1.54b

That's in the three months ended December 31.

According to Bloomberg, Australia & New Zealand Banking Group Ltd. first-quarter cash earnings rose on a stronger performance from the lender’s domestic businesses, while the outlook for bad debts has improved.

Unaudited cash profit, which excludes one-time items, rose to A$2 billion ($1.54 billion) in the three months ended Dec. 31, the Melbourne-based lender said in a statement to the stock exchange Friday. That’s up 8 percent from the A$1.85 billion recorded a year earlier. Statutory net profit was unchanged at A$1.6 billion.

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