ANZ turns in solid result

global-financial-crisis/global-economy/australian-securities-exchange/ANZ/chief-executive/

19 August 2011
| By Mike Taylor |
image
image
expand image

The ANZ Banking Group has turned in a strong performance for the nine months to 30 June, reporting a $4.2 billion unaudited underlying profit after tax - 16.1 per cent above the prior corresponding period.

The big Banking Group told the Australian Securities Exchange that underlying profit for the third quarter had increased 1.3 per cent to $1.4 billion.

The company said its retail and wealth divisions had made an increased contribution to the result.

Pointing to the most recent volatility in the markets, ANZ chief executive Mike Smith said turbulence in the global economy had confirmed the bank's long held view that "there is a changed reality post-GFC".

Further, he said despite the market turmoil which had continued in July and August, there was good reason for optimism in ANZ's key domestic markets in Australia and New Zealand.

"Both countries are benefiting from growing demand for hard and soft commodities, and from the broader trade and investment linkages with Asia, which continues to be the best performing region in the global economy," Smith said.

Drilling down on the Banking Group's divisional performances, it said the contribution from retail and wealth businesses had increased as the benefits of the RBS transaction continued to emerge and further improvements were made in product offerings and systems support.

Smith said ANZ was still positive on Australia, and while there were some short-term challenges to manage, the country was still in a strong fiscal position with a triple A credit rating, and "we are on the door-step to Asia, which is the new engine for global economic growth".

"While we need to manage deliberately in the current environment, we are confident about the region's long-term growth prospects, and we continue to believe the environment will also throw off growth opportunities for us," the ANZ chief executive said.

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 4 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 2 days ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND