ANZ drops quarterly earnings update, reignites debate over QR

Sydney

AUSTRALIA and New Zealand Banking Group said it will stop reporting quarterly earnings figures in a decision that has surprised many analysts and reignited a debate over the value and cost of the updates.

It is the second major Australian bank to do so after Westpac Banking Corp ended the practice in 2012 and the move comes as some countries look at dropping requirements for quarterly reporting, with Singapore launching a consultation on the matter last week.