ANZ turns in record $7.5b result
ANZ has turned in a record full-year profit result of $7.5 billion after tax.
The result, announced to the Australian Securities Exchange (ASX) today, will see the big banking group produce a final dividend of 95 cents per share fully franked.
Commenting on the result, ANZ chief executive, Mike Smith noted that it had been achieved in a constrained environment and said that the bank's Global Wealth Division had turned in a positive performance.
Drilling down on the Global Wealth Division, the ANZ's announcement to the ASX said that profit had increased by 11 per cent, with positive performance experienced across all business units.
It said insurance delivered growth in in-force premiums along with stable claims and lapse experience, which contributed to an 18 per cent increase in both embedded value and in the value of new business.
"Private Wealth continued to deliver growth through customer-focused investment solutions, with funds under management increasing 22 per cent and customer deposits by 33 per cent year-on-year," it said.
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
