ANZ's cash profit rises 5.3% to $1.79b in 3Q2017

Paterniano Del Favero
Agosto 15, 2017

ANZ said net profit rose 5.3 percent to A$1.79 billion in the third quarter, as cost cuts outdid a slight drop in revenue.

"We've said for some time as a strategy we want to be the best bank for people that want to buy and own a home and so we've been growing our business in owner-occupied home loans much faster than the market, and actually really reweighting our portfolio towards that and we're really comfortable with that", Elliott said.

Over the nine months to June ANZ NZ paid $765 million worth of ordinary dividends, down $25 million from the equivalent period of the previous year. "Clearly unquestionably strong is more than just capital but from a capital perspective, 10 and a half", Elliott said.

The Australian economy had been "muddling through" with weak business confidence, but the credit environment was "benign", he added. Term deposits rose 20 percent to $45.72 billion a year earlier, although ANZ New Zealand continued to tap increasingly more expensive wholesale markets, with total debt issues rising to $19.39 billion as at June 30 from $16.89 billion a year earlier.

"The number (including bad debt provisions) will probably slightly beat the consensus expectations for the cash NPAT".

ANZ reported a third quarter FY2017 profit increase of 5.3 per cent to $1.79 billion, primarily driven by the owner-occupier housing segment.

ANZ warned that a new mortgage levy on the country's "Big Four" banks - itself, Commonwealth Bank of Australia, Westpac Banking Corp and National Australia Bank Ltd - plus Macquarie Group will impact that margin in the fourth quarter.

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