ANZ limits profit dip to 11 percent
(29 October 2009 – Australia) ANZ today announced an underlying profit for the year ended 30 September 2009 of A$3,77 billion, up 10 percent, on the prior year, while limiting the dip due to bad debts and one-off items to 11 percent.
Statutory net profit was hit by A$829 million of one-off items, hedging timing differences and non-continuing businesses.
The group's total charges for bad debts during the year came in at A$3.06bn, up 46 percent compared with last year. Bad debt charges in the first half of the 2010 financial year are likely to be at a similar level to the A$1.62bn booked for the latest half, chief executive, Mike Smith told reporters.
ANZ reported a 17 percent increase in revenue and while net profit was up 13 percent in Australia and 81 percent in Asia Pacific, Europe and Americas region.
However, New Zealand’s revenue was down by 34 percent.
Mr Smith said that the bank had made good progress in delivering priorities it set out in December 2007.
ANZ has made good progress with the turnaround of Institutional, revenue is growing faster than costs, the bank is delivering excellent results in Asia and the largest franchise, Australia, is performing well, added Mr Smith.
The bank continued to focus on the key drivers for the Bank; maintaining its strong capital and liquidity position, ensuring it has adequate provision coverage, completing remediation in parts of the business and making investments that position ANZ for future growth, Mr Smith highlighted.
The group's total charges for bad debts during the year came in at A$3.06bn, up 46 percent compared with last year. Bad debt charges in the first half of the 2010 financial year are likely to be at a similar level to the A$1.62bn booked for the latest half, chief executive, Mike Smith told reporters.
ANZ reported a 17 percent increase in revenue and while net profit was up 13 percent in Australia and 81 percent in Asia Pacific, Europe and Americas region.
However, New Zealand’s revenue was down by 34 percent.
Mr Smith said that the bank had made good progress in delivering priorities it set out in December 2007.
ANZ has made good progress with the turnaround of Institutional, revenue is growing faster than costs, the bank is delivering excellent results in Asia and the largest franchise, Australia, is performing well, added Mr Smith.
The bank continued to focus on the key drivers for the Bank; maintaining its strong capital and liquidity position, ensuring it has adequate provision coverage, completing remediation in parts of the business and making investments that position ANZ for future growth, Mr Smith highlighted.
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