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ANZ Bank posts A$4.4b profit in nine months

August 17, 2012

MELBOURNE: ANZ Bank, which has a stake in Malaysia’s AmBank Group, has posted a A$4.4 billion profit for the nine months to June, an increase of 10%.

The bank said it had picked up market share in deposits, mortgages and business lending despite challenging economic conditions.

The profit growth was a result of higher income in ANZ’s Australia, New Zealand and Asian operations, plus its institutional banking division, chief executive Mike Smith said in a statement today.

The bank’s unaudited underlying profit for the nine months to June 30 was A$4.5 billion, up 5.5% from the same period in the previous year.

Smith said there remained growth opportunities in ANZ’s expanding international business and from institutional banking.

“We have managed ongoing funding and competitive pressures well, with group margins stable relative to the end of the first half,” Smith said.

ANZ reported a net interest margin, a measure of the profit it makes on loans, of 270 basis points in its half-year results.

Smith said margins in the bank’s Australian business had recovered slightly since the first half, which ended on March 31.

“While the credit environment reflects the pressures in the broader economy, there have been no developments which would lead us to alter our provision outlook,” Smith added.

- Bernama


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