ANZ posts $1.94b profit, days after charging staff for sausage sizzle

Thursday, 12 February 2026 17:09

ANZ's cash profit for the first quarter jumped by six per cent to $1.94 billion, partly driven by the thousands of redundancies announced last year.

ANZ has posted a better-than-expected quarterly profit, just days after it charged staff $10 for a sausage sizzle to welcome them back to the office.

The big-four bank's cash profit for the quarter ending December 31 jumped by 6 per cent to $1.94 billion, partly driven by the thousands of redundancies announced last year.

The bank flagged its profits had been buoyed by slashing operating expenses after 3500 people – about 10 per cent of the business – were laid off.

More than 60 per cent of the job cuts were finalised at the end of last year, with the majority impacting staff at its headquarters in Docklands, Melbourne.

There are still about 1200 jobs under threat.

ANZ's profits were announced the same week staff were reportedly offered the opportunity to attend a "welcome back to the office" sausage sizzle – for the price of $10.

A flyer posted to Instagram account @theaussiecorporate noted that employees would be given one sausage in bread with onion and condiments, one soft drink and one soft-serve ice cream for the fee.

It is not clear which ANZ office the sausage sizzle was held at.

Nine.com.au has contacted ANZ for comment.

Chief executive Nuno Matos said the bank's quarterly results showed "early progress" in its five-year strategy.

"Our productivity program aimed at removing duplication and simplifying the bank is well under way, delivering a significant reduction in expenses while growing revenue," Matos said.

"There was an improvement across our key financial metrics, including the return on tangible equity which rose to 11.7 per cent and cost to income ratio to below 50 per cent."

Overall revenue increased by 1 per cent, while operating expenses fell by the same compared to the first quarter of 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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