Asia top of hit list for ANZ
(29 October 2007 – Australia) ANZ Bank has posted a net profit for the full year to 30 September of A$4.18 billion, up 13 percent from the previous year.
Removing the sale of the bank’s international leasing business, Fleetpartners, ANZ’s cash profit increased 9.4 percent to A$3.92 billion.
A strong personal lending and deposits performance underpinned the result but mortgages were impacted by higher cost of funds brought about by the credit crunch.
ANZ’s new chief executive officer, Michael Smith, said his immediate priority would be to re-energise the business by bringing a sharper edge to its performance.
Smith highlighted the contribution of the bank’s offshore businesses such as Malaysia, China, Indonesia and Vietnam, and said the region was at the top of his priority list for expanding ANZ’s operations.
A strong personal lending and deposits performance underpinned the result but mortgages were impacted by higher cost of funds brought about by the credit crunch.
ANZ’s new chief executive officer, Michael Smith, said his immediate priority would be to re-energise the business by bringing a sharper edge to its performance.
Smith highlighted the contribution of the bank’s offshore businesses such as Malaysia, China, Indonesia and Vietnam, and said the region was at the top of his priority list for expanding ANZ’s operations.
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