Australia and New Zealand Banking Group (ANZ) has reported cash profit of A$5.9bn for the year ended 30 September 2016, a fall of 18% compared to A$7.2bn in the prior year.

The group's statutory profit after tax stood at A$5.7bn, a 24% slump from A$7.5bn a year ago, while net interest margin was 2%.

At the end of September 2016, the group’s total risk weighted assets were A$408.6bn, compared to A$401.9bn a year earlier. Common equity tier 1 ratio was 9.6%.

Gross loans and advances for the year ended September 2016 were A$580bn, compared to A$574.3bn last year.

ANZ CEO Shayne Elliott said: “This year we delivered another good performance in Australia and New Zealand with our consumer and small business franchises producing strong results based on a disciplined approach to market share and tight cost management.”

“We also took steps to create a better experience for our customers and to compete efficiently in the digital age. This included the successful launch of Apple Pay and Android Pay in Australia and Apple Pay in New Zealand. These are market-leading initiatives that have delivered good growth in new to bank customers.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.