Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ grows loan book and profits

ANZ has increased its profits by $444 million on the back of strong growth in its loan book.

The major reported a net statutory profit of $3.4 billion for the six months to 31 March 2014, a 15.1 per cent increase on the year before.

Operating income grew 6.5 per cent year-on-year to $9.5 billion, while the bank’s Australian loan book rose 6 per cent.

“ANZ had the strongest home loan growth of the major banks over the past year and has grown home loans at above system for 17 consecutive quarters,” ANZ said.

“The quality of the loan book continues to strengthen with the provision charge of $528 million 12 per cent lower.”

Advertisement
Advertisement

Chief executive Mike Smith said he was pleased with the results, but that competition was placing pressure on profit margins.

Meanwhile, the latest monthly banking statistics from APRA revealed that ANZ had a $318 billion loan book in March, which represented a 0.5 per cent increase on February.

The Commonwealth Bank grew 1.2 per cent to $484 billion, Westpac grew 0.7 per cent to $430 billion and NAB grew 0.3 per cent to $363 billion.

The leading non-majors were Suncorp, which rose 1.6 per cent to $46 billion, Bendigo & Adelaide Bank, which fell 0.5 per cent to $41 billion, and ING Direct, which rose 0.2 per cent to $41 billion.

ANZ grows loan book and profits

Latest News

Banks, mortgage brokers and lenders could receive sizeably larger bills for ASIC’s industry levies come January 2022. ...

Brisbane digital non-bank lender WLTH is set to open a $15-million capital raise, while signalling plans to drive its next scale-up phase an...

The major bank has agreed to provide a sustainability-linked loan to a Queensland beef producer in a “first” for the agriculture industr...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.