** Jefferies trims PT for shares of Australian lending major ANZ Group ANZ.AX to A$25.95 from A$26.33, maintains "hold" rating
** Brokerage expects the lender to reduce its second-half dividend by 10%; flags ANZ's high payout ratio in the face of expense headwinds
** Lowers earnings forecast for financial years - 2025, 2026 and 2027; highlights weaker revenues, higher expense growth in second-half of FY25
** ANZ on Thursday reported flat first-half cash earnings, having faced pressures on margins and elevated gross impaired assets
** Shares up 3% YTD
(Reporting by Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com;))
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