ING overcomes issues

ANZ Banking Group has used a trading update filed on the Australian Stock Exchange to point to what it describes as significant improvement in wealth management, but to also acknowledge a sluggish performance and lack of improvement from its institutional areas, particularly in New Zealand.

The update, issued by chief executive John McFarlane, also pointed to the fact that ING Australia had experienced strong funds under management flows and healthy equity markets and had “overcome its historical issues”.

“As such, it (ING) is now focused on growth and we believe its performance compares well to industry peers,” he said.

However, looking at the bank’s institutional division, McFarlane said it was performing well below the group average, with income growth at the bottom of the target range.

What is more, he said the second half was likely to be weaker than had been hoped due, in part, to recent market turbulence.

The company will report its annual results in late October.