ANZ’s expanding China business helps profits
(7 May 2012 – China) ANZ posted a record profit of A$2.9 billion in the first half ending in March – driven by strong growth in the bank’s institutional business in Greater China (China, Hong Kong and Taiwan).
Revenue jumped some 24 percent in the six months to 31 March year-on-year.
'Our China business is on the right track...both onshore and offshore,' said ANZ China chief executive, Dr Charles Li.
ANZ is the first Australian bank to get official permission to use the yuan in its retail operations.
Li said the bank’s strong connectivity made China a strategic market and key to its aim of becoming a super-regional bank.
Growth also came from the bank’s growing Asian portfolio and amid weak margins in Australia.
ANZ chief executive Mike Smith said weak credit demand and tightening margins had shrunk domestic earnings despite interest rate cuts.
'These challenges are now an ongoing part of the Australian banking landscape," he said.
ANZ is the fourth largest bank in Australia and the largest bank in New Zealand.
'Our China business is on the right track...both onshore and offshore,' said ANZ China chief executive, Dr Charles Li.
ANZ is the first Australian bank to get official permission to use the yuan in its retail operations.
Li said the bank’s strong connectivity made China a strategic market and key to its aim of becoming a super-regional bank.
Growth also came from the bank’s growing Asian portfolio and amid weak margins in Australia.
ANZ chief executive Mike Smith said weak credit demand and tightening margins had shrunk domestic earnings despite interest rate cuts.
'These challenges are now an ongoing part of the Australian banking landscape," he said.
ANZ is the fourth largest bank in Australia and the largest bank in New Zealand.
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