Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Asian growth helps ANZ deliver strong profit

ANZ today announced an unaudited cash profit of $5.2 billion and an unaudited statutory net profit of $5.0 billion for the nine months to 30 June 2014, both up eight per cent on the same period in 2013.

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.

Advertisement
Advertisement

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.

Asian growth helps ANZ deliver strong profit
mortgagebusiness

 

Latest News

The federal government has commissioned the ACCC to conduct a new inquiry into the pricing of home loan products in Australia’s mortgage...

The ABS has reported an investor-driven “pop” in home loan activity, which, according to ANZ Research, could be a cause for “concern...

The major bank has pledged $2 billion in funding and services to assist not-for-profit affordable and specialist housing providers, includin...

FROM THE WEB
podcast

LATEST PODCAST: Mortgage pricing and product switching

Do you think the mortgage market will see more consolidation this year?

Website Notifications

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