Profit Is Up 8% For ANZ

Mike Smith / ANZ

The ANZ announced an unaudited cash profit of $5.2 billion and an unaudited statutory net profit of $5 billion for the nine months to 30 June 2014, both up 8% on the same period in 2013.

In a trading update to market, chief executive officer Mike Smith say ANZ has continued to perform well, with strong results in Asia and consistent performances in both New Zealand and Australia despite parts of the Australian economy being a little slower than expected.

“Our strategy continues to strengthen our position across all key markets,” he says.

“In Australia, our Retail and Commercial businesses are demonstrating consistent performance with further market share increases in home lending and continued lending growth in small business banking.

“After a period of subdued demand we are seeing signs of a pick up in corporate sector borrowing appetite.”

He says strong growth in Asia and in businesses linked to Asia continues to be a highlight.

“Our unique regional capability also helped us regain the number one lead bank position in Institutional Banking in Australia and retain the number one lead bank position in New Zealand,” Smith says.

Smith says trading conditions have shown some signs of improvement coming into the final quarter of FY14.

The ANZ expects earnings to be in line with guidance.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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