Powered by MOMENTUM MEDIA
subscribe to our newsletter
ANZ boss acknowledges 'tougher' environment

ANZ boss acknowledges 'tougher' environment

ANZ has delivered an unaudited cash profit of $1.79 billion for the three months to 31 December 2014.

The bank noted a solid start to 2015, with its customer franchises in Australia, New Zealand and Asia continuing to perform strongly. However, group chief executive Mike Smith said the first quarter had been challenging.

“As we anticipated, 2015 is proving to be a slightly tougher, more volatile environment,” Mr Smith said.

Advertisement
Advertisement

“We have seen some tailwinds associated with the lower Australian dollar in the first quarter; however, these have been partially offset as a result of global economic conditions, including lower commodity prices,” he said.

“Market conditions have also created a challenging environment for the global markets business although we expect this to improve throughout the year."

Mr Smith said that overall, ANZ is performing broadly in line with expectations and its ‘super regional strategy’ continues to provide the bank with growth options.

“[It] will also ensure our cloth is cut to suit the conditions,” he said.

“Looking at our businesses, Australian retail and commercial have delivered another excellent performance, with further market share gains in home lending and growth in small business lending, although the corporate sector remains subdued.”

ANZ’s group net interest margin fell 6 basis points compared with the end of the second half FY14, 2 basis points of which related to foreign exchange translation impacts, according to a trading update.

The bank said the remainder was largely attributable to global markets and the impact of higher liquidity requirements.

 

ANZ boss acknowledges 'tougher' environment
mortgagebusiness

 

Latest News

ASIC is determined to flex its muscles, with a bill designed to enhance its enforcement powers one step closer to law.  ...

Treasurer Josh Frydenberg has told the banks and regulators that they will face an inquiry down the track to ensure they have lifted their g...

A CEO has welcomed the introduction of legislation that would “remove a handbrake” that has held back customer-owned banks from competin...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The aftermath of the final royal commission report

Is enough being done to ensure responsible lending?