ANZ Bank posts cash profit of $1.79 billion for December quarter

ANZ boss Mike Smith. Photo: Getty

The ANZ Bank announced an unaudited cash profit of $1.79 billion, up 3.4% for the three months to the end of December compared to the same period the year before.

Statutory net profit was $1.65 billion.

The result was broadly in line with expectations.

CEO Mike Smith, in a trading update, says 2015 is proving to be a slightly tougher, more volatile environment.

“We have seen some tailwinds associated with the lower Australian dollar in the first quarter however these have been partially offset as a result of global economic conditions including lower commodity prices,” he says.

“Market conditions have also created a challenging environment for the Global Markets business although we expect this to improve throughout the year.”

The numbers in detail:

Profit before provisions grew 5.2%. Revenue was above the quarterly average for the 2014 financial year.

Expenses were also higher than the quarterly average reflecting exchange rate impacts along with several key business enhancement projects becoming operational.

This includes a new digital platform for the Australian business.

Customer deposits grew 9% with net loans and advances up 8%.

ANZ shares were trading down 2.5% to $34.99.

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