The ANZ half yearly results have just been released.
Here are the highlights.
- Statutory profit $3.4 billion up 15%
- Cash profit $3.5 billion up 11%
- Fully franked interim dividend of 83 cents, up 14%
- Income rising faster than expenses up 3.6% and 1.7% respectively
- Cost to income ratio down 0.2% to 44.3%
- RoE 15.5%
- EPS $1.287 up 10%
- Deposits up 13%
- Loans and Advances up 12%
- Reduction in provisions of 12% to $528 million
These look like very strong results in a low credit growth environment in Australia but Chief Executive Mike Smith put a lot of emphasis on the strategy of diversification into Asia in his release to the ASX that accompanied the results announcement.
Our international business, particularly Asia is firing on all cylinders with revenue and profits again growing strongly, and a sustained improvement in returns. Profits from International and Institutional in Asia Pacific, Europ and Americas are up 43%.
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