Australia's ANZ Banking Group posts $5.5 bn profit | Irish Sun

Australia's ANZ Banking Group posts $5.5 bn profit

Irish Sun (IANS) Thursday 3rd November, 2011

ANZ Banking Group, one of the big four banks in Australia, Thursday posted a 19 percent rise in full-year net profit to 5.36 billion Australian dollars $5.5 billion.

ANZ's net profit for the 12 months to September 30 was up from 4.5 billion Australian dollars a year earlier, Melbourne-based ANZ said in a statement Thursday.

ANZ Chief Executive Officer Mike Smith said the result was in line with the key trends that the bank outlined at its August trading update, reported Xinhua.

Profits in the bank's Australian operations rose by just two percent for the year, while its Asia Pacific, Europe and American division profits jumped 20 percent, ANZ said.

'Our key customer franchises in Australia, New Zealand and Asia Pacific have produced solid performances; we have continued to make progress with our super regional strategy; and we have delivered value for our customers,' Smith said.

But he said the bank's operating income fell in the second half of the year, due to subdued global markets.

'In the second half though, the global economic situation saw trading conditions for our markets business deteriorate significantly,' he said.

Smith warned that domestic lending and the housing market were likely to remain flat for some time.

Page 1 of 2 | Next