ANZ’s $5.2 billion profit update
ANZ has joined Australia's other big banking groups in announcing a solid profit performance.
The big banking group used an trading update released on the Australian Securities Exchange (ASX) today to declare an unaudited cash profit of $5.2 billion for the nine months to 30 June.
Commenting on the result, ANZ chief executive, Mike Smith pointed to 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".
However he said that the bank's portfolio of businesses had produced a strong profit and the company as on track to meet full year expectations.
Where wealth management was concerned, the ANZ ASX update said that its Global Wealth business had seen good underlying momentum cross key business lines and specifically mentioned "a series of innovations delivering simple accessible wealth solutions", including ‘Grow by ANZ'.
Discussing the outlook, the bank's ASX announcement said that trading conditions had shown some signs of improving coming into the final quarter.
"Subject to economic conditions and excluding the impact of the sale of ANZ Trustees, ANZ expects earnings to be in line with guidance, with revenue at the lower end of guidance range and costs well controlled ensuring revenue to cost jaws are positive," it said.
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