ANZ reports solid half-year
The ANZ Banking Group has referenced its wealth solutions being increasingly integrated with its banking offerings and more options for self-directed customers, as it reported a solid half-year result.
The big banking group reported an 11 per cent increase in cash profit to $3.5 billion, with the directors declaring an interim dividend of 83 cents per share.
Commenting on the result, ANZ chief executive Mike Smith described it as "good" and consistent with the bank's long-term strategy and made particular reference to the performance of its international business, particularly Asia, which he said was firing on all cylinders.
Where wealth management was concerned, Smith not only referenced the integration of wealth solutions with banking offerings, but noted that revenue performance had been positive, underpinned by strong growth in funds under management, favourable claims and lapse experience along with growth in Private Wealth.
The ANZ's announcement to the Australian Securities Exchange (ASX) said its Global Wealth Division's profit had grown by 11 per cent, driven by growth in funds under management and inforce insurance premiums as well as improved claims and lapse experience.
The divisional analysis said that wealth solutions were "increasingly being integrated into broader customer banking options, with wealth solutions held by ANZ customers up 10 per cent across the year".
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