ANZ rakes in A$5.13 billion profit
(28 October 2010 – Australia) Australia and New Zealand Banking Group (ANZ) has reported a record A$5.13 billion cash profit for fiscal 2010.
Mike Smith, the bank’s chief executive, said that the Australian economy was running at multi-speeds, however was becoming more normal.
The bank said that it expects corporate lending volumes to rise in the first half of 2011.
‘‘Corporates can’t sit on cash... They will have to turn out some debt,’’ Mr Smith said.
The bank revealed that its underlying profit rose 33 percent to A$5.025 billion.
The bank's statutory profit increased 53 percent to A$4.501 billion.
Mr Smith said recent comments made by shadow treasurer Joe Hockey about bank profits and interest rates were 'a shame'.
'I think it's a real shame that the coalition... has now come down to the comments of Mr Hockey,' Mr Smith said.
'It's pure populism and I don't think it serves anyone's interests.'
Shareholders were paid a 70 cent fully franked dividend.
The bank said that it expects corporate lending volumes to rise in the first half of 2011.
‘‘Corporates can’t sit on cash... They will have to turn out some debt,’’ Mr Smith said.
The bank revealed that its underlying profit rose 33 percent to A$5.025 billion.
The bank's statutory profit increased 53 percent to A$4.501 billion.
Mr Smith said recent comments made by shadow treasurer Joe Hockey about bank profits and interest rates were 'a shame'.
'I think it's a real shame that the coalition... has now come down to the comments of Mr Hockey,' Mr Smith said.
'It's pure populism and I don't think it serves anyone's interests.'
Shareholders were paid a 70 cent fully franked dividend.
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