Australia and New Zealand Banking Group (ANZ) has posted a cash profit of AUD3.41bn for the half year ended 31 March 2017, an increase of 23% compared to AUD2.78bn a year ago.
The bank’s statutory profit after tax was AUD2.9bn, up 6% compared to AUD2.73bn in the year ago period.
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Gross loans and advances increased 2.4% year-on-year to AUD580bn from AUD566bn in the first half of fiscal year 2016. Client deposits increased 4.6% year-on-year to AUD468bn.
The bank’s common equity tier 1 ratio in the first half of 2017 stood at 10.1%, compared to 9.8% in the year ago period.
Commenting on the performance, ANZ CEO Shayne Elliott said: “The reshaping of our business over the past year has delivered strong outcomes for customers and shareholders, and has established a foundation for future growth and better returns.
“The environment for banking remains constrained with intense competition and pressure on margins, subdued lending growth, rapidly changing customer expectations and increasing regulation. The provision charge has improved and the outlook for the second half remains broadly neutral. We are responding decisively to these continuing pressures through a financial, digital and cultural transformation of ANZ.”
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