ANZ has reported a quarterly profit that exceeded expectations, just days after the bank controversially charged its employees $10 for a sausage sizzle event to celebrate their return to the office.

The bank has attributed its strong profits to a significant reduction in operating expenses, following the layoff of approximately 3,500 employees—constituting about 10 percent of its workforce.

CEO Nuno Matos expressed optimism over the bank’s quarterly performance, stating it reflected “early progress” in ANZ’s strategic five-year plan.

“Our focus on enhancing productivity by eliminating redundancies and streamlining operations is progressing well. This has resulted in a notable decrease in expenses while increasing revenue,” Matos explained.

He also highlighted improvements in key financial indicators, such as the return on tangible equity rising to 11.7 percent, and the cost-to-income ratio dropping below 50 percent.

Overall, ANZ reported a 1 percent increase in revenue, accompanied by a 1 percent decrease in operating expenses compared to the same quarter in 2025.

This marks the first time ANZ has reported on its quarterly results, having only posted half-yearly results in the past.

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