May 7 (Reuters) - ANZ Group (ANZ) on Tuesday reported a first half cash earnings drop of 7% owing to intense competition in Australia's mortgage lending market coupled with higher operating expenses.
The country's fourth-largest bank said cash profit was A$$3.55 billion ($2.35 billion) for the six months ended March 31, down from A$3.82 billion a year ago.
It beat Visible Alpha consensus estimate of A$3.54 billion, compiled by UBS.
($1 = 1.5099 Australian dollars)
News: ANZ Australia's ANZ Group's first-half cash earnings drop 7%
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