ANZ Reports Rise In Profits, Hails Reshaping Of Business Empire

Tom Burroughes

3 May 2017

, which has slimmed down operations with disposals including Asian wealth management, yesterday reported a statutory after-tax profits of A$2.9 billion ($2.2 billion) for the half-year to 31 March, a rise of 6 per cent.

The lender also reported a cash profit of A$3.4 billion, a 23 per cent year-on-year increase, it said in a statement yesterday.

ANZ’s Common Equity Tier 1 Capital Ratio – a measure of a bank’s financial strength under interanational capital adequacy rules - was 10.1 per cent, at 31 March 2017 up 52 basis points (bps) from 30 September 2016.

The results show the “further benefits from a significant reshaping of the business driven by ANZ’s strategic focus to create a simpler, better capitalised and more balanced bank”, ANZ said.

Last year, ANZ sold its Asian private banking and retail businesses to Singapore-headquartered DBS, part of a pattern of M&A deals involving wealth management entities in the Asia-Pacific region.