ANZ's Asia Pacific strategy drives profit


|
The ANZ Banking Group has more than met market expectations, using a trading update today to point to an Asia Pacific profit after tax of around 125 per cent with an Australian profit expectation of around 14 per cent.
But at the same time, the banking group has pointed to provisioning for the full year being higher than for 2008 at around $2.4 billion to $2.5 billion.
Commenting on the update, ANZ chief executive Mike Smith said he believed the group’s strategy for handling the global economic meltdown was paying off.
However, he said while Australia was better positioned than most other countries and had been remarkably resilient so far, this had not given the banking group immunity, and this would also be the case in 2009.
“We are also facing difficult conditions in New Zealand,” Smith said.
“In this environment, our underlying business is travelling well,” he said. “We are continuing to deal with legacy issues, managing the impact of the financial crisis and implementing our super regional strategy.”
Smith said the banking group had strengthened its balance sheet through increased provisioning and significantly increased liquid assets.
Recommended for you
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.