The lender, which operates a wealth management business, has reported a drop in statutory profit for the six months to the end of March.

Australia and New Zealand Banking Group reported a statutory profit after tax for the six months ending 31 March of A$2.7 billion ($2.0 billion), a fall of 22 per cent from the same period a year before.

Cash profit was A$2.8 billion, down by 24 per cent. This followed a A$717 million net charge, primarily related to initiatives to reposition the group for stronger profit before provisions growth in the future, the bank said. 

Excluding these specified items, adjusted pro-forma cash profit was A$3.5 billion, down 4 per cent and profit before provisions was up 5 per cent.

“This result reflects a challenging period for banking and we have taken the opportunity to move decisively and adapt to the changing environment by building a simpler, better capitalised and more balanced bank,” said Shayne Elliott, ANZ chief executive.