Finance Finance News ANZ business growth lifts profit

ANZ business growth lifts profit

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ANZ made a cash profit of $5.2 billion for the nine months to June 30, an increase of eight per cent.

The result reflects growth across the bank’s Australia, New Zealand and, particularly, Asian businesses.

ANZ also lifted its net profit eight per cent to $5.0 billion.

Chief executive Mike Smith said the bank had grown its business despite a weaker-than-expected Australian economy.

“ANZ has continued to perform well with strong results in Asia and consistent performances in both New Zealand and Australia despite parts of the Australian economy being a little slower than expected,” he said.

The bank said trading conditions had improved so far in its fourth quarter, despite tough competition in the corporate and institutional sectors, and it was on track to meet its full year guidance.

“While asset pricing remains highly competitive, particularly in the corporate and institutional sectors in Australia, Asian growth remains strong and we are seeing some top-line momentum in New Zealand along with some pickup evident in Global Markets volumes,” the bank said in a statement on Friday.

ANZ previously said it expects to grow revenue by between four and five per cent for the full year.

The bank on Friday also said it expects its full year provision charge for loan losses to be around 12 per cent lower than in 2013.

It’s Australian division benefited from a further growth in home lending and an increase in customer numbers in the corporate and commercial business.

The New Zealand division increased market share in credit cards as well as home and commercial lending and the bank said its global wealth division had seen “good underlying momentum”.

Meanwhile, revenue from the global markets division was up six per cent, thanks to the strong growth in Asia.