Asian growth helps ANZ deliver strong profit

Cash profit increased six per cent on an FX adjusted basis.

Net loans and advances were also up 5.8 per cent. ANZ also reported that revenue was “a little softer” than in the first six months, while expenses were similar.

ANZ Group chief executive officer Mike Smith said ANZ has continued to perform well with strong results in Asia and consistent performances in both New Zealand and Australia despite parts of the Australian economy being a little slower than expected.

“Our strategy continues to strengthen our position across all key markets,” Mr Smith said.

“In Australia, our retail and commercial businesses are demonstrating consistent performance with further market share increases in home lending and continued lending growth in small business banking,” he said.

“After a period of subdued demand we are seeing signs of a pick-up in corporate sector borrowing appetite.”

Strong growth in Asia and in businesses linked to Asia continues to be a highlight for the bank.

“Our unique regional capability also helped us regain the number one lead bank position in institutional banking in Australia and retain the number one lead bank position in New Zealand,” Mr Smith said.

ANZ grew its loan book by 7.5 per cent during the 2013/2014 financial year, according to APRA data.