logo
Share SHARE
FONT-SIZE Plus   Neg

ANZ Posts Q1 Underlying Profit Of A$1.48 Bln

Australia And New Zealand Banking Group Ltd. (ANZ,ANZBY.PK,ANZ.AX) reported first quarter statutory profit after tax of A$1.7 billion. Adjusting for non-core items, unaudited underlying profit for the first quarter was A$1.48 billion, up from last year.

"There will not be a return to the level of credit growth that banks experienced pre-crisis for the foreseeable future, particularly in our major domestic markets in Australia and in New Zealand", said ANZ Chief Executive Officer Mike Smith.

"It's important to reflect that our customers, our staff and the broader community benefit from safe, well-run commercial banks - banks that also generate profits that underpin investor and superannuation returns and that can be re-invested to expand lending," he stated.

ANZ said that it has to continue adapting its business model to changes in the banking environment, particularly across its retail and wealth management operations. The company continued focus delivery of super regional strategy.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
General Motors (GM) announced on Wednesday that it has been approved to voluntarily delist from the Toronto Stock Exchange. The auto giant reassured its shareholders that the TSX delisting will not impact its current listing on the New York Stock Exchange. Subsequent to the bankruptcy filing of German no frills airline Air Berlin (AIBEF.PK), Lufthansa airline is strongly pursuing to acquire Air Berlin. Meanwhile, Ryanair, its Irish rival, accused conspiracy in the deal and said that the acquisition move will breach the existing competition rules in Germany in general and EU in particular. The Royal Bank of Scotland plans to cut 880 jobs from its IT department in London by 2020, a UK labor union reported. Britain's Unite union claimed on Tuesday that the bank informed its staff about a further 40 percent cut of permanent IT jobs, which is said to be part of ongoing deep cost-cutting at the taxpayer-owned bank. The bank also plans a 65 percent reduction of contractors.
comments powered by Disqus
RELATED NEWS
Trade ANZ now with 
Follow RTT