ANZ profit up 7%

ANZ has lifted its profit seven per cent for the nine months to June.

ANZ profit up 7%

ANZ made a $4.7 billion profit for the nine months to June, an increase of seven per cent.

ANZ made a $4.7 billion profit for the nine months to June, an increase of seven per cent.

The bank said the result was driven by revenue growth and productivity gains.

ANZ's unaudited underlying, or cash, profit for the nine months to June 30, which excludes one-off financial items, was $4.8 billion, up 11 per cent from the same period in the previous year.

ANZ chief executive Mike Smith said the bank was continuing to grow its business in Australia and Asia.

"We have produced consistent revenue growth with diversification benefits from our exposure to growth markets in Australia and in Asia," he said in a statement on Friday.

"At the same time, we are continuing to actively manage efficiency in every area of the business with a focus on improving productivity and capital utilisation."

Mr Smith said that while the outlook for the Australian economy had weakened in recent months, the fall in the Australian dollar and lower interest rates had given ANZ reason to be optimistic about its outlook.

While ANZ's net interest margin had declined two basis points since the end of March, the bank saw its consumer deposits increase 12 per cent while net lending assets were up eight per cent.


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Source: AAP


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