MELBOURNE (S&P Global Ratings) May 5, 2023--Australia and New Zealand Banking Group Ltd.'s (ANZ) improved lending in residential mortgages should continue to support its sound earnings. ANZ (AA-/Stable/A-1+), one of Australia's four major lenders, announced today record cash profit from continuing operations for the six months ended March 31, 2023, an increase of 12% over the prior half. The results were solid across all business units and in line with our expectations. Over the next two years, earnings are likely to remain sound, supported by ANZ's return to average system growth in residential lending. The bank's net interest margin (NIM) improved 7 basis points (bps) across the six months ended March 31, 2023, to 1.75%. Strong competition in the Australia
