Australia and New Zealand Banking Group Limited (ANZ)
Australia and New Zealand Banking Group Limited is an international bank with activities in general banking mortgage and installment lending life insurance leasing hire purchase and general finance. ANZ also provides international and investment banking investment and portfolio management and advisory services nominee and custodian services stock broking and executor and trustee services.
Our Commentary: Updated 15th February 2013
ANZ released a trading update for its December quarter, reporting a 20% drop in profit to $1.36 billion.
The decline was attributed to a weak Australian market and thinning margins in New Zealand and its International and Institutional Banking Division. The firm’s unaudited quarterly cash profit climbed – more closely watched by the 6.2% from $1.49 billion in 1Q12 to $1.53 billion.
Chief Executive Officer, Mr. Mike Smith, said that “we are delivering against our strategic growth and productivity priorities. This has seen ANZ continue to perform despite soft economic conditions in Australia and New Zealand, and cautious behaviour by consumers and business.”
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Head of Corporate Research
LLB BEc Dip FS(FP) Dip TA(ATAA) CFTe(IFTA)
Head of Research and Trading