ANZ posts $3.5bn half-year profit

ANZ posts $3.5bn half-year profit

ANZ has announced a half-year statutory profit after tax of $3.5 billion, up three per cent on the previous half-year.


ANZ chief executive Mike Smith said the bank's results are "good outcomes" that justify ANZ's regional strategy.

Mr Smith pointed out that Australia is still benefiting from Asia’s growth.

“We are [now] in a more balanced relationship with Asia, which includes agriculture, tourism, education and the services industry, including professional services,” he said.

“I’m still positive about Australia given this opportunity.”

However, Mr Smith noted specific challenges to future performance.

“The post-GFC economy is characterised by a decline in the growth potential of major developed economies,” he said.

“Australia has its own challenges to the economic outlook which stem from the ageing population, our fiscal position, and productivity growth.”

However, Mr Smith is positive that ANZ will continue to deliver financial performance in the near term as a result of the institution's regional focus.

“Our domestic markets in Australia and New Zealand have again delivered strong growth and returns. We are investing heavily in areas of future profitability, particularly for our Australian business,” Mr Smith said.

“This includes a focus on key segments, such as home lending and commercial banking, in geographies and segments where we are underweight, such as New South Wales.”

Customer deposits grew 12 per cent with net loans and advances up 10 per cent.

ANZ recorded an interim dividend of 86 cents per share fully franked, with earnings per share of 133.6 cents, both up four per cent.

 

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