Big profits continue for big four

by Julia Corderoy18 Aug 2014
ANZ announced an unaudited cash profit of $5.2 billion and an unaudited net profit of $5 billion for the nine months to June 2014, both up 8% on the same period last year.

Chief executive of ANZ, Mike Smith says the results show a solid performance for the group, despite parts of the Australian economy being slightly slower than expected. The strong growth in Asia was the highlight of the group’s third quarter performance.

The major bank’s lending portfolio in the Australian market performed quite consistently though, according to Smith.

“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 pickup in corporate sector borrowing appetite,” he said.

Looking to the future, Smith says the group is well on its way to achieving full year expectations.

“Looking ahead the balance we are creating between growth, return and capital generation positions ANZ well for improved financial performance in the medium and longer term,” he said.