Australia and New Zealand Banking Group (ANZ) has posted cash profit of A$3.7bn for the first half of fiscal year 2015, an improvement 5% compared to the year ago period.
The bank’s statutory profit after tax of rose by 3% to A$3.5bn.
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The group’s customer deposits during the first half grew 12% with net loans and advances improving by 10%.
The bank’s Australia business delivered strong performance with profit growing 8%, driven by a 6% rise in both income and Profit before provisions (PBP).
Also, the division registered an 8% increase in retail loan volumes with deposits going up by 3%.
ANZ’s New Zealand business also increased momentum, with income growth of 6% coupled with disciplined cost management delivering an 8% PBP uplift.
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By GlobalDataANZ CEO Mike Smith said: "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.
"For the foreseeable future, we will be operating in a lower growth environment in which there will continue to be occasional volatility and shocks. Nevertheless, the outlook for credit quality remains relatively benign supported by low interest rates, the stimulus of a low oil price and an appreciating US Dollar. While China’s economic growth is slowing, this process is being well managed."
