ANZ announces $5.2 billion profit for nine months

AUSTRALIAN banking giant ANZ has announced a $5.2 billion cash profit for the nine months up until June 30 this year - 8% up on the same period last year.

"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,'' chief executive officer Mike Smith said in a statement on Friday.

"Our strategy continues to strengthen our position across all key markets.

"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.

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

In New Zealand we have had a continuing productivity focus following the brand and systems merger and our market
position is seeing us benefit from the economic upturn outperforming peers across a range of metrics.

"Strong growth in Asia and in businesses linked to Asia continues to be a highlight.

• Third quarter expense trends were similar to the first half with revenue trends a little softer
• Customer deposits are up 8.3% with net loans and advances up 5.8%. 
• Group Net Interest Margin was slightly lower compared to the end of the first half. Improved funding
and deposit pricing has been offset by some asset pricing pressure which was broadly based.


Topics:  anz banking editors picks profits

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