ANZ Bank posts 27% profit rise in Q1

ANZ reported a 27 per cent rise in the first-quarter underlying profit on good momentum and lower provisions for bad debts.

Underlying profit after tax for the three months to Dec. 31, 2010 increased to US$1.4 billion from a year earlier.


ANZ Chief Executive Officer Mike Smith said the bank was continuing to achieve good momentum in its core businesses in Australia, New Zealand and the Asia-Pacific region.

"Customers in Asia and in Australia are increasingly choosing to do business with ANZ," Smith said in the statement.


"Asia remains the engine of global growth. As a result, connectivity in the region is continuing to deepen through growth in trade and investment flows between Asia and our key domestic markets in Australia and New Zealand, and through growth in intra- Asia flows," Smith said.

"Our super regional strategy is continuing to provide opportunities for us and we have been investing heavily to build our presence and capability in Asia and in our key domestic markets."



The bank said it continued to invest for growth, particularly in the institutional bank and in Asia with the gap between revenue and expenses unchanged compared with the preceding quarter, adjusted for currency movements.

The bank's margins increased slightly but the rate of growth slowed, ANZ said.