ING helps ANZ profit line
ANZ’s full acquisition of the ING business in Australia has paid dividends for the big banking group’s bottom line, helping it to post a 26 per cent increase in underlying profit after tax for the nine months to 30 June of approximately $3.6 billion.
The company said profit before provisions was up 5 per cent on the prior corresponding period to $6.5 billion.
In an announcement released on the Australian Securities Exchange (ASX) today the bank said profit within the Australian business had grown strongly, assisted by the favourable impact of the acquisition of the ING Group’s 51 per cent interest in ING and lower provisions.
Commenting on the result, ANZ chief executive Mike Smith said the banking group’s core businesses in Australia, the Asia Pacific and New Zealand had continued to perform well against the backdrop of Australia’s solid economic performance, strong economic growth in Asia and the emerging recovery in New Zealand.
However he said the global outlook remained “unusually uncertain”, with the uncertainty being associated with the combination of consumer, business and public sector deleveraging occurring alongside domestic and international regulation and the implications of high unemployment and other protracted structural challenges in the US and in Europe.
AUTHOR
Mike Taylor
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