Robotics And Machine Learning Help ANZ Post AU$3.17b Profit For First Half
The Australia and New Zealand Banking Group (ANZ) has released its first half financial results, with after-tax profit dropping 5% year over year to AU$3.17 billion.
Cash profit was AU$3.56 billion, up 2% compared to the same period a year prior. The bank's Australian division posted AU$1.8 billion in cash profit, its institutional segment made AU$1 billion in cash profit, and its New Zealand business made the bank AU$782 million in cash profit.
Total revenue was AU$4.8 billion.
In announcing its results, the blue bank told shareholders highlights from the six month period included the improvements it made in automation in its institutional business, through robotics and machine learning.
Adopting such technologies, ANZ said it has reduced turnaround times by up to 40% in trade, credit, and customer service. READ MORE ON: ZDNET