ANZ Trading Update - 3 Months to 31 December 2013
Good start to 2014, on track to deliver continued improvement in business growth and financial performance.
ANZ today announced an unaudited cash profit1 of $1.73 billion for the three months to end December 2013, up 13% on the same period last year (PCP). Unaudited statutory net profit was $1.64 billion.
ANZ Chief Executive Officer Mike Smith said: “ANZ’s distinctive strategy based on growth in our domestic franchises, growth in Asia, and strong operational and productivity disciplines is continuing to deliver a consistent improvement in business growth and financial performance.
“The Australia Division again grew market share in both Retail and Corporate and Commercial during the quarter while making further investments through the Banking on Australia program to improve our customers’ experience. In New Zealand we consolidated our market-leading position while producing further benefits from our simplification program. The Global Wealth Division continued to improve business performance through productivity gains and increased sales of wealth solutions to bank customers.
“In the International and Institutional Banking (IIB) Division, Global Markets, Trade and Cash Management have performed strongly particularly in Asia where a number of our country operations delivered double-digit growth in revenue including Singapore, China and Hong Kong.
“ANZ’s business strategy has also led to ongoing improvements in the quality of our lending book. Together with the outlook for continued low interest rates and low levels of corporate leverage we now expect the total FY14 provision charge is likely to be around 10% lower than FY132 .
“The bottom line is that we have made a good start to 2014. There remain a number of challenging issues in the global economic environment however these are now largely more predictable. Our performance in the first quarter means we are on track to deliver a solid 2014” Mr Smith said.
View full article in PDF.