The bank’s growth in Asia has had a positive impact on its institutional banking performance, ANZ chief executive Mike Smith said.
“In the International and Institutional Banking (IIB) division, global markets, trade and cash management have performed strongly, particularly in Asia where a number of our country operations delivered double-digit growth in revenue including Singapore, China and Hong Kong,” Mr Smith said.
“The bottom line is that we have made a good start to 2014. There remain a number of challenging issues in the global economic environment; however, these are now largely more predictable.
“Our performance in the first quarter means we are on track to deliver a solid 2014.”
In a separate announcement, the bank said it is looking to raise $1 billion through the issue of ANZ Capital Notes 2.
The offer is expected to open on 19 February 2014 and forms part of ANZ’s ongoing capital management strategy.
The bank will use the proceeds of the offer to refinance the convertible preference shares it issued in September 2008 (CPS1) and for general corporate purposes.
ANZ Capital Notes 2 will constitute Basel III-compliant Additional Tier 1 Capital under the Australian Prudential Regulation Authority’s current capital adequacy standards.
ANZ Securities, Goldman Sachs, JP Morgan, Morgans, Morgan Stanley, UBS and Westpac Institutional Bank have been appointed as joint lead managers, while Bell Potter, JBWere and Ord Minnett have been appointed as co-managers in the transaction.
