(26 October 2012 – Australia) ANZ Banking Group posted a record A$5.66 billion full-year profit through expanded earnings both domestically and internationally.ANZ’s net profit for the year to 30 September was up six percent from A$5.36 billion in the previous year, but slightly lower than analyst expectations.
The bank’s cash profit of A$6.01 billion was also up six percent from A$5.65 billion in the previous year.
ANZ posted underlying profit growth in its Australian, New Zealand and international divisions, while its wealth management business recorded a slight fall.
The bank continued to expand in Asia, with revenues there now making up 21 percent of its total revenue.
Chief executive Mike Smith said the bank’s performance was in line with its expectations set out earlier in the year. But he said conditions would get more challenging in the year ahead.
‘‘With the global economy softening, it’s clear that the post-GFC, lower growth business environment will be with us for the foreseeable future, as will the requirement to operate with higher levels of regulatory capital and higher funding and liquidity costs,’’ Smith said.
‘‘Although the operating environment in 2013 looks more challenging with stronger headwinds in a number of areas, our unique growth strategy and the momentum we have in adapting to the new environment means we are well placed to deliver value and performance to shareholders in 2013,’’ Smith said.
The Big Four banks – ANZ, National Australia Bank (NAB), Commonwealth Bank of Australia (CBA) and Westpac – are still expected to post a combined profit of more than A$25 billion in 2011/12, marking a third straight year of record profits.