ANZ Says Global Wealth Management Arm Has "Good Underlying Momentum"

Tom Burroughes

18 August 2014

Australia and New Zealand Banking Group’s global wealth management business has seen “good underlying momentum across key business lines”, the bank said as the overall group reported an unaudited statutory net profit of A$5.0 billion ($4.66 billion) in the nine months to 30 June, up 8 per cent year-on-year.

gave few figures on its wealth business in its latest results statement, however.

Looking ahead, as far as the whole group was concerned, ANZ said that subject to economic conditions and the impact of its sale of ANZ Trustees, it expects currency-adjusted earnings to be in line with guidance, while revenue will be at the lower end of the guidance range and with costs well controlled.

“ANZ has continued to perform well with strong results in Asia and consistent performances in both New Zealand and Australia despite parts of the Australian economy being a little slower than expected,” Mike Smith, chief executive, said.

Customer deposits rose up 8.3 per cent with net loans and advances up 5.8 per cent.

The bank completed the sale of its Trustees business after the close of the third quarter. As indicated in the April 2014 sale announcement, the gain from the sale is being reinvested in a range of specific growth and efficiency initiatives across the group. Both the proceeds of the sale and the investment of those proceeds will be taken above the line at the FY14 results and clearly identified.