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Australia's ANZ says impaired assets rose in the first quarter

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ANZ Group , Australia's fourth-biggest lender, said on Thursday that a rise in mortgage restructuring contributed to a jump in asset impairments to their highest levels since 2021 in the first quarter.
ANZ Banking Group, one of Australia's major banks, reported an increase in impaired assets during the first quarter, as detailed in their latest financial update. This rise in impaired assets, which are loans or financial assets where full repayment is doubtful, reflects challenges in the economic environment, possibly due to higher interest rates, inflation, or other economic pressures affecting borrowers' ability to service their debts. The bank's disclosure comes amidst a broader context where financial institutions globally are navigating through economic recovery phases post various global economic disruptions. ANZ's acknowledgment of this uptick in impaired assets underscores the ongoing risks in the banking sector, particularly in sectors sensitive to economic cycles like real estate and small businesses.

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[ https://www.msn.com/en-us/money/other/australia-s-anz-says-impaired-assets-rose-in-the-first-quarter/ar-AA1zoylG ]