ANZ stock hits all-time high as strong Q1 results show progress in cost reduction

LootboxPhobia · 2026-02-12T02:53:52+00:00

ANZ Group Holdings Ltd. stock hits a record high as first-quarter profit growth and cost-cutting plans show results. Cash profit increased by 6% year-on-year, with expenses down 8%. CEO Matos emphasized that the goal of streamlining operations and improving productivity is progressing smoothly.

LootboxPhobia

2026-02-12 02:53:52

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Investing.com - ANZ Group Holdings Limited (ASX:ANZ) saw its stock soar to a record high on Thursday, with the bank’s strong first-quarter profit indicating that cost-cutting measures under new CEO Nuno Matos are bearing fruit.

ANZ’s share price jumped nearly 8% to a record AUD 40.140, driving the ASX 200 index up 0.6%.

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The lender reported a cash profit of AUD 1.94 billion ($1.38 billion) for the three months ending December 31, up 6% from the same period last year. Operating revenue increased 3% year-over-year to AUD 5.7 billion, while expenses declined 8%.

The decline in expenses is attributed to ANZ having completed approximately 60% of its plan to cut 3,500 jobs by the end of 2025. These layoffs, along with other streamlining measures, are part of a broader restructuring initiative led by Matos.

Matos stated in a release, “Our productivity program to eliminate redundancies and simplify banking operations is progressing smoothly, significantly reducing expenses while increasing revenue.”

He reaffirmed the bank’s commitment to the “ANZ 2030” plan, as it emerges from years of regulatory downtime and perceived mismanagement.

Following the Reserve Bank of Australia’s rate hike of 25 basis points last week due to rising inflation, ANZ will also benefit from higher Australian interest rates.

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