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Reuters
Reuters
Business
Paulina Duran

Australia's ANZ bank posts fall in H2 profit, expects recovery in mortgage demand

FILE PHOTO: Pedestrians walk past a customer using an ATM at an ANZ Bank branch in Sydney, Australia, August 15, 2017. REUTERS/Jason Reed/File Photo

SYDNEY (Reuters) - Australia and New Zealand Banking Group Ltd <ANZ.AX> missed market expectations for second-half profit on Thursday amid record low interest rates and tough competition for home loans, but said it expected higher mortgage demand this fiscal year.

Australia's fourth-largest lender reported a near 3% drop in second-half cash profit to A$2.91 billion ($2 billion), driven by remediation charges, a sharp drop in revenue and an 8 basis point fall in net interest margins, a key measure of profitability.

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