ANZ has made a record first half profit of $1.05 billion on the back of growth of corporate business, fee income and credit cards.
The result was ANZ’s seventh consecutive increase in half-yearly earnings, and represented a 17.3 per cent jump on its earnings in the same period the year before, where it made a profit of $895 million.
ANZ’s wealth management profit rose by 38 per cent to $80 million, while corporate business profits rose by 15 per cent to $256 million, and investment banking jumped 8 per cent to $155 million.
The bank experienced inflows of $1.4 billion in this period, which was 14 per cent up on the figure 12 months earlier.
“We have been through what is probably the most difficult economic period for quite a while, but yet we have been able to bring out a result that is well ahead of expectations,” ANZ chief executive John McFarlane says.
In a review of its operations, ANZ says it will continue to expand its numbers of financial planners.
“Wealth Management is investing to enhance its sales, support and infrastructure capabilities. A significant increase in professionally accredited financial planners is in progress and will continue.”
The investment will be directed also in technology, while the recent joint venture with ING in funds management is expected by the bank to result in “an enhanced product platform and to enable leveraging of technology and training”.