Arab Today, arab today asiafocused anz reports record profit of 65bn
Last Updated : GMT 00:00:12
Arab Today, arab today
Arab Today, arab today

Asia-focused ANZ reports record profit of $6.5bn

Arab Today, arab today

Arab Today, arab today Asia-focused ANZ reports record profit of $6.5bn

The Australia and New Zealand Banking Group (ANZ)
Sydney - AFP

The Australia and New Zealand Banking Group (ANZ) on Friday announced record annual net profit of Aus$7.3 billion (US$6.5 billion) -- up 15 percent -- pursuing an Asia-focused growth strategy.
Cash profit, which strips out non-core items and is favoured by analysts, was up 10 percent to Aus$7.10 billion on last year.
The results for ANZ, one of Australia's four major banks, were roughly in line with guidance and boosted by a 17 percent cut to bad debt provisions of Aus$989 million.
"This is another good performance that demonstrates consistent execution of our super regional strategy which is positioning ANZ well in a more constrained operating environment," said chief executive Mike Smith.
"We made progress in all our key markets."
The company's Australian operations still generate well over half its profit and remain core, with Smith reporting that the domestic division "maintained momentum" with cash profit rising seven percent and revenue five percent.
New Zealand recorded 10 percent growth in cash profit but had revenue growth of only two percent.
ANZ's lucrative international and institutional banking (IIB) unit performed strongly.
"The result also saw continued momentum from our international business in Asia Pacific, Europe and America which now accounts for 24 percent of group revenues," Smith said.
"This provides ANZ with meaningful and differentiated growth options without the need to take on more risk."
Cash profit from Asia increased 25 percent and revenue rose 10 percent. Revenue has grown strongly over the past five years with a compound annual growth rate of 23 percent.
"With the phase of high investment in Asia largely complete, we are seeing a greater share of Asia-led revenue growth translate to profit," Smith said.
He noted however that "the macro drivers of growth in the sector are slowing and the environment is looking more challenging".
"IIB has grown and diversified its earnings by geography, product and customer, and is becoming more resilient against changeable market conditions," the bank added in a statement.
"Despite a challenging second-half environment, particularly in the third quarter, IIB delivered an 11 percent increase in cash profit."
Smith gave an upbeat outlook.
"We expect 2015 to present similar opportunities for ANZ, with a continuation of a stable and benign credit environment.
"In Australia and New Zealand the consumer sector remains relatively buoyant however we expect a gradual transition to business-led growth as business confidence improves.
"Asia's economies are set to maintain their position as the world's best performing region."
ANZ has targeted for 25-30 percent of earnings to come from outside Australia and New Zealand -- mainly Asia -- by 2017.
The bank will pay a final dividend of 95 cents per share to take the full-year shareholder payout to Aus$1.78, up nine percent on 2013.
Rival National Bank of Australia (NAB) on Thursday reported a 1.1 percent decline in annual profit to Aus$5.3 billion and said it was looking at floating its troubled British business.
Shares in ANZ rose 0.24 percent to Aus$33.34 in early trade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asiafocused anz reports record profit of 65bn Arab Today, arab today asiafocused anz reports record profit of 65bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asiafocused anz reports record profit of 65bn Arab Today, arab today asiafocused anz reports record profit of 65bn

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday