ANZ has posted a half-year $3.65bn profit, up 9 per cent on the previous six months.

Delivering the results on Friday morning, the big four bank’s customer deposits grew 3 per cent in the six months to March 31 (up by $23bn), while the bank slashed operating expenses 22 per cent as it axes 3500 workers.

“We have refreshed our leadership team and commenced our cultural reset with new corporate values,” chief executive Nuno Matos said.

“We have also made significant progress to reduce duplication and simplify the bank.”

With inflation and interest rates rising, the public are shopping around for the best loan and deposit offerings.

“While lending volumes and deposits grew moderately, active margin management meant margins remained stable for the half amid intense competition,” Mr Matos said.

The bank’s $3.65bn statutory profit excludes significant items.

ANZ is posting a 14 per cent rise in cash profit (excluding significant items), and shareholders will get a 75 per cent franked 83 cent dividend, which has not increased.

Mr Matos is expected to field questions from reporters and analysts later on Friday.

ANZ announced 3500 job cuts in September that are taking until September of this year to be fully enacted.

The financial returns point to gains in most key measures; return on tangible equity and cost-to-income ratio all rose, and the 75 per cent-franked dividend is up on the 70 per cent-franked offering last time.

Mr Matos marks 12 months at the helm later this month in a tenure so far marked by mass job losses and cost cutting as well as overhauling the bank’s culture.

“As we progress this work, we continue to operate in an increasingly complex world,” Mr Matos said.

“As Australia’s most international bank we have a front-row seat to global developments.

“Much of the potential impacts of this crisis (in Iran) remains ahead of us, but the longer the flow of oil is constrained, the greater the chance the crisis shifts from being primarily an inflation challenge to much more of a supply and growth challenge.”

ANZ corporate customers had been “building capital and liquidity, maintaining flexibility and improving supply chain resilience”, Mr Matos, said while households entered the current financial shock with generally larger savings.

“In both Australia and New Zealand, households entered this period with generally strong balance sheets and high savings buffers. We have not seen any material increase in new customers entering hardship or receiving assistance,” Mr Matos said.

“However, we recognise that some individuals and businesses are navigating these challenging circumstances. We urge customers who may need assistance to contact us.”

More to come