ANZ Bank has momentum for another record profit

ANZ Bank will likely raise its full-year earnings growth to another record profit.

ANZ chief executive Mike Smith said that the bank ANZ has good earnings momentum in all of its divisions during its third quarter to June 30, 2011 except for the investment markets exposed institutional business.

He said credit demand remained weak but business lending was expected to pick up on 2012.

An underlying profit of A$1.4 billion was booked in the three-month period to June 30, taking underlying profit
for the nine months to A$4.2 billion, up 16 per cent from the previous corresponding period.

Smith said Europe's economic woes meant many banks would earn less than their cost of capital and this could
provide ANZ with opportunities to further its Asian growth strategy.

"I am confident about the long-term opportunities for Australia and for New Zealand because of our linkage to
Asia," he said.

The full story is available at Bernama.