ANZ Bank's Cash Profit Is Up 10% To $7.1 Billion

ANZ CEO Mike Smith

ANZ Bank’s full year cash profit is up 10% of $7.1 billion. The statutory profit after tax was $7.3 billion, up 15%.

CEO Mike Smith says the bank made progress in all key markets.

“There were market share gains in key segments in Australia, the New Zealand business performed strongly following the brand simplification and Global Wealth performed well,” he says.

The bank’s international business in Asia Pacific, Europe and America now accounts for 24% of revenues.

“This provides ANZ with meaningful and differentiated growth options without the need to take on more risk,” Smith says. “With the phase of high investment in Asia largely complete, we are seeing a greater share of Asia-led revenue growth translate to profit.”

However, Smith says the macro-drivers of growth in the sector are slowing and the environment is looking more challenging.

“We anticipated these challenges by setting targets for improving business productivity and shareholder returns, while actively reducing risk,” he says.

The ANZ announced a final dividend of 95 cents per share fully franked, up 14% on the interim dividend and brings the total dividend to 178 cents per share, up 9%.

Results in detail:

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.