ANZ today announced an unaudited Statutory Profit of $4.7 billion for the 9 months to 30 June 2013 up 7% compared to the same period 2012 (YTD). Cash Profit1 for the same period was $4.8 billion up 11%.
Commenting on ANZ’s performance, Chief Executive Officer Mike Smith said: “During the year we have continued to make steady progress with our super regional strategy.
“We have produced consistent revenue growth with diversification benefits from our exposure to growth markets in Australia and in Asia. 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. This is allowing us to continue to invest in our growth strategy for the longer term while also improving shareholder returns in the near term.
“Overall, ANZ’s performance remains in line with the expectations we had at the end of 2012, with full year revenue growth slower than last year and ongoing productivity improvements providing positive revenue-cost jaws2.
“Although the economic outlook in Australia has softened somewhat, there is cause for greater optimism in the medium term as the effect of lower interest rates, a more competitive currency and the removal of some pre-election uncertainty underpin consumer confidence and economic activity. In Asia, we believe concerns about growth in China have been overdone. Although there is a rebalancing taking place in China and there may be volatility associated with this, we need to remember that the world’s second largest economy is still growing at around 7 to 7.5%,” Mr Smith said.