ANZ Rallies as Low-Yield Business Cuts Offset Profit Drop

Updated on
  • Shares up as much as 4.9 percent, sharpest rise since March 2
  • Lender cuts dividend for first time since 2009 to lift capital

Australia & New Zealand Banking Group Ltd. shares surged the most in three years as new Chief Executive Officer Shayne Elliott’s plans to shrink the lender’s Asian business further and write down the value of some of its assets offset the lowest half-year profit in six years.

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