ANZ chief executive, Shayne Elliott, has confirmed that the bank’s restructuring project is a work in progress at the same time as releasing a trading update revealing a three per cent decline in adjusted cash profit of $4.3 billion.
The trading update for the nine months to 30 June, 2016, declared that profits before provisions was up five per cent.
Commenting on the result, Elliott claimed the banking group had now established a consistent focus on delivering the strategic outcomes outlined to shareholders in its first-half 2016 result.
He said there continued to be opportunities for growth in retail and commercial in Australia and New Zealand, and in institutional banking including business supporting trade and capital flows in Asia.
In doing so, Elliott exampled the bank’s role in the launching of Apple Pay and Android Pay in Australia which he said had attracted significant numbers of new retail customers and helped deepen relationships with existing customers.
In a later interview discussing the market update, Elliott acknowledged the group had a fair way to go with its business restructuring.
“This isn’t just a short-term tactical approach to some dark clouds on the horizon,” he said. “We basically think we’re in for a lower growth environment for many years to come, which is not necessarily a bad thing.”
