Jobs go, salaries freeze and profits soar
(20 August 2012 – Australia) ANZ Bank is the latest bank to post a larger underlying profit – with the banks unaudited net income for nine months to 30 June rising 10.3 percent from the previous year, to A$4.4 million.
Cash profit was up 5.5 percent on the same period a year earlier and for the June quarter alone the cash profit was A$1.53 billion, up 9 percent on the year earlier.
All the bank's main divisions recorded income increases with the exception of the banks wealth unit, which saw profit 'down slightly', the bank said in a statement.
'We have managed ongoing funding and competitive pressures well, with Group margins stable relative to the end of the first half,' said ANZ chief executive Mike Smith.
'While the credit environment reflects the pressures in the broader economy there have been no developments which would lead us to alter our provision outlook,' Smith said.
Last week National Australia Bank (NAB) posted a A$1.4 billion unaudited cash profit for the June quarter and Commonwealth Bank Australia (CBA) reported a record A$7.1 billion net profit for its financial year.
ANZ said group margins, a measure of core profitability, was broadly stable and it expected costs rises to match revenue growth for the year.
It has frozen the salary of its top executives and announced plans to cut 1,000 jobs this year as part of plan to protect profits.
All the bank's main divisions recorded income increases with the exception of the banks wealth unit, which saw profit 'down slightly', the bank said in a statement.
'We have managed ongoing funding and competitive pressures well, with Group margins stable relative to the end of the first half,' said ANZ chief executive Mike Smith.
'While the credit environment reflects the pressures in the broader economy there have been no developments which would lead us to alter our provision outlook,' Smith said.
Last week National Australia Bank (NAB) posted a A$1.4 billion unaudited cash profit for the June quarter and Commonwealth Bank Australia (CBA) reported a record A$7.1 billion net profit for its financial year.
ANZ said group margins, a measure of core profitability, was broadly stable and it expected costs rises to match revenue growth for the year.
It has frozen the salary of its top executives and announced plans to cut 1,000 jobs this year as part of plan to protect profits.
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