ANZ Bank CEO Shayne Elliott says it’s going to take some time to regain community trust in the banks.
He was responding to a question about the Commonwealth Bank and the latest banking scandal, allegations of breaches of anti-money laundering regulations.
“This is not something we can fix overnight,” he says. “It’s going to take a number of years actually, that’s how trust is re-earned.”
Elliott today released a quarterly report showing the bank with a three month cash profit of $1.79 billion, up 5.3% on the back of above-industry growth in the bank’s residential mortgage book.
In an in-house interview at BlueNotes, Elliott says the banking industry is united about doing the right thing.
“My experience of working with our peers as an industry, people all want to put this behind us,” he says.
“They all want to do the right thing and we are talking about making real and substantive change.”
Over the June quarter, customer deposits grew 2.3% with net lending asset growth of 2%.
Revenue fell 0.3% but expenses were 1% lower. Net interest margins were stable.
“The reshaping of our business has proceeded again really strongly in the quarter,” says Elliott.
“Clearly the economy is not performing to its full potential but it’s going pretty well and there are some actual signs of improvement.”
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.