As part of a first quarter trading update today ANZ announced an unaudited Cash Profit for the three months to 31 December 2012 of $1.53 billion up 6.2% on the same period in 2012 (First Quarter 2012 $1.44 billion). Unaudited Statutory Profit after tax was $1.36 billion1.
Commenting on the first quarter, Chief Executive Officer Mike Smith said: “ANZ has produced a solid business performance consistent with expectations provided at the time of the 2012 Full Year results. We are delivering against our strategic growth and productivity priorities. This has seen ANZ continue to perform despite soft economic conditions in Australia and New Zealand, and cautious behaviour by consumers and business.
“Our strategy has seen us benefit from volume growth in Asia and our exposure to these opportunities is an increasingly important part of the Group’s earnings with Greater China our third largest source of profits after Australia and New Zealand. In Australia and in New Zealand we won share in a number of priority markets including Retail Deposits and Mortgages.
“Further productivity gains were made across the Group. Productivity improvement is a key focus ensuring that we can continue to invest in our super regional strategy while also maintaining our financial performance.
“Initiatives to manage costs and margins helped to sustain a good performance in the Australia Division. In New Zealand, although cost management has been a continued focus, margins have been softer. In International and Institutional Banking, expenses were well controlled however margins remain under pressure, albeit less so than in 2012, while favorable trading conditions and increased customer volumes saw a strong performance in Global Markets. The environment for Wealth remains subdued and we continue to manage costs while pacing investment in transforming the business.
“Provisions were in line with expectations and there have been no developments, including the recent natural disasters in Australia, that would materially change our guidance for the year,” Mr Smith said.