ANZ just posted a $4.9 billion profit.
Here’s the headline figures:
- Statutory profit of $4.9 billion for the nine months to 30 June 2013, up 7% on last year
- Cash profit for the same period was $4.8 billion, up 11% on last year
- Income was up 5%
- Expenses were down 0.5%
- Customer deposits increased 12%; with net lending assets up 8%
“Overall, ANZ’s performance remains in line with expectations we had at the end of 2012,” said boss Mike Smith in the bank’s statement.
“Although the economic outlook for Australia has softened some what, 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.”
ANZ said there had been good volume growth in “priority products” linked to its strategy in Asia, where it has been significantly expanding its presence.
“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%,” Smith said.