Despite meeting the street’s expectations on top line profits and earnings, shares of ANZ are down over 1% to $30.00.
The bank’s chief executive, Shayne Elliott, warned that forward revenue growth in the banking industry will be constrained due to increased regulation and the banking tax.
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Net profit was announced at $6.4 billion, which was up from $5.7 billion over the previous year. Cash earnings rose 18% to $6.9 billion, which was inline with expectations and the full-year dividend was unchanged at $1.60 per share.
From a technical perspective, ANZ has traded as high as $32.40 in January before slipping to $27.35 in early June. Within the measure of a “lower high” pattern, we consider the recent bounce to $30.80 to be corrective in nature and not a reversal of trend.
We see the next key chart point near the October 5th low of $29.05.
ANZ
