NZ drags on ANZ performance
Debt provisioning in New Zealand has acted as a drag on otherwise generally improved performance data provided by the ANZ Banking Group to the Australian Securities Exchange (ASX) today.
In a trading update, ANZ said unaudited underlying profit after tax was tracking slightly above the comparable period in 2008, but was lower on an earnings per share basis due to the issue of additional shares during the year.
It said cash profit was tracking broadly in line with 2008.
It said provision growth had moderated for all divisions and geographies except New Zealand.
Commenting on the banking group’s performance to date, its chief executive, Mike Smith, said the Australian economy and some Asian economies were showing early positive signs of recovery, giving reason for cautious optimism.
However, he said economic conditions in New Zealand remained difficult, with the economic recovery likely to be much slower.
AUTHOR
Mike Taylor
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