ANZ has posted an
underlying profit for the 12 months to 30 September of A$5.0bn
($5.07bn), up 33% on the previous year.
ANZ’s retail unit
reported an 8% rise in profits despite a fall in the net interest
margin in the second half due to higher wholesale funding costs and
intense deposit pricing competition.
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Lending rose by 12%
year-on-year while retail deposits increased by 11%.
ANZ’s New Zealand
subsidiary posted an increase in profits of 40%, boosted by a 48%
fall in provisions.
Profits from ANZ’s
expanding Asia Pacific, Europe & America unit increased by 21%
for the full year, to $620m.
Commenting on the
increase in group profits, ANZ CEO Michael Smith said:
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By GlobalData“An increase like that
is not going to be repeated — you don’t get a win like that every
year, obviously — but the underlying income growth prior to
provisions was also up, which was the encouraging sign from the
results.”
