ANZ Banking Group
(ASX:ANZ) has revealed its July interest rate review and decision to switch the time of its review closer to the Reserve Bank of Australia (RBA).
More than two years ago ANZ Bank tried to distance itself from the central bank’s monthly rate call which is made on the first Tuesday of each month.
ANZ moved its rate announcement to the second Friday of each month but now says it will announce the outcome of its review on the Friday following the RBA’s board meeting.
CEO Philip Chronican says the change follows customer requests for the rate review outcome to be known earlier in the month in line with ANZ’s competitors.
The news comes after the RBA again kept rates on hold last week at a record low of 2.5 per cent amid expectations the official cash rate will remain on hold for some time.
ANZ’s July review has affirmed its variable interest rate for Australian retail home loans will remain unchanged at 5.88 per cent per annum.
ANZ Banking Group lifted its net profit to $3.38 billion in the first half of its 2014 financial year.
