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RETAIL BANKING | Cesar Tordesillas, Australia
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ANZ Bank posts 10% increase in profits

ANZ Bank profited A$4.4 billion for the nine months to June for a 10 percent increase of profits.

 

The profit growth was a result of higher income in ANZ's Australia, New Zealand and Asian operations, plus its institutional banking division, Chief Executive Mike Smith said in a statement on Friday.

The bank said it had picked up market share in deposits, mortgages and business lending.

The bank's unaudited underlying profit for the nine months to June 30 was A$4.5 billion, up 5.5 per cent from the same period in the previous year.

Smith said there remained growth opportunities in ANZ's expanding international business and from institutional banking.

"We have managed ongoing funding and competitive pressures well, with group margins stable relative to the end of the first half," Smith said.

ANZ reported a net interest margin, a measure of the profit it makes on loans, of 270 basis points in its half-year results.

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