The Australian bank said more than 60 per cent of the 3,500 job cuts it previously announced had taken place
Published Thu, Feb 12, 2026 · 06:07 AM
ANZ Group said on Thursday its first-quarter cash profit rose 17 per cent from its second-half 2025 quarterly average excluding significant items, showing early benefits from a cost-cutting overhaul under new CEO Nuno Matos.
Cash profit for the three months to December 31 was A$1.94 billion (S$1.74 billion), while statutory profit came in at A$1.87 billion. Cash return on tangible equity was up 173 basis points to 11.7 per cent – a key measure of how efficiently the bank converts capital into earnings.
ANZ said it delivered an 8 per cent reduction in expenses in the quarter, including from actions to “reduce duplication and simplify the organisation”.
The cost outperformance follows a broad reorganisation launched under new CEO Matos, including cuts to remove redundancies and streamline layers. ANZ said more than 60 per cent of the 3,500 roles it previously announced had exited the bank by the end of December.
Reuters reported that the overhaul includes 3,500 job cuts by September this year, 1,000 contractor roles, and an A$560 million restructuring charge, with Matos saying the the company would also halt projects not aligned to priorities.
ANZ’s common equity tier 1 (CET1) ratio, a closely watched measure of its spare cash, edged up to 12.15 per cent at Dec 31 from 12.03 per cent at Sep 30.
Its cost-to-income ratio fell to 49.5 per cent, as operating expenses dropped 21 per cent from the second-half quarterly average.
Revenue for the quarter rose 1 per cent from the second-half quarterly average excluding significant items, with net interest margin up 2 basis points to 1.56 per cent as funding mix shifts helped offset central bank rate cuts and loan competition.
Credit quality remained resilient, the bank said, with Australian housing loans 90+ days past due eased to 81 basis points. REUTERS
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