ANZ posts bumper profits
ANZ has announced a statutory profit of $5.36 billion for the 2010-11 financial year, up 19 per cent from the previous year.
“This result is in line with the key trends that we outlined at our August trading update,” ANZ Chief Executive Officer Mike Smith said.
“Our key customer franchises in Australia, New Zealand and Asia Pacific have produced solid performances; we have continued to make progress with our super regional strategy; and we have delivered value for our customers.
“We have a strong financial and capital position. Our focus on the growth markets of Asia and their connectivity with our key domestic franchises means we are in the right place, with the right strategy at the right time. “
Mr Smith remained circumspect on the last half of the financial year, which saw a deterioration of the company’s trading conditions.
“This more difficult operating environment - characterised by ongoing economic volatility, cautious consumer and business behaviour, and higher funding and capital costs for banks globally - is likely to be with us for some time,” Mr Smith said.
The company’s full year results can be found here