Arab Today, arab today australia\s anz banking group posts record 55 bln usd profit
Last Updated : GMT 13:29:47
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Australia\'s ANZ Banking Group posts record 5.5 bln USD profit

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Arab Today, arab today Australia\'s ANZ Banking Group posts record 5.5 bln USD profit

Sydney - Xinhua

ANZ Banking Group, one of the big four banks in Australia, on Thursday posted a 19 percent rise in full-year net profit to 5.36 billion AU dollars (5.50 billion U.S. dollars). ANZ\'s net profit for the 12 months to September 30 was up from 4.5 billion AU dollars (4.61 billion U.S. dollars) a year earlier, Melbourne-based ANZ said in a statement on Thursday. ANZ Chief Executive Officer Mike Smith said the result was in line with the key trends that the bank outlined at its August trading update. Profits in the bank\'s Australian operations rose by just two percent for the year, while its Asia Pacific, Europe and American division profits jumped 20 percent despite more challenging market conditions in the second half for the Global Markets business, ANZ said. \"Our key customer franchises in Australia, New Zealand and Asia Pacific have produced solid performances; we have continued to make progress with our super regional strategy; and we have delivered value for our customers,\" Smith said. But he said the bank\'s operating income fell in the second half of the year, due to subdued global markets. \"In the second half though, the global economic situation saw trading conditions for our markets business deteriorate significantly,\" he said. Smith warned that domestic lending and the housing market were likely to remain flat for some time. \"This more difficult operating environment - characterized by ongoing economic volatility, cautious consumer and business behavior, and higher funding and capital costs for banks globally - is likely to be with us for some time.\"

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