Wealth remains subdued: ANZ
ANZ Group has grown its funds under management (FUM) in the last quarter of 2012, but the environment for wealth remains subdued, according to the bank's latest trading update.
ANZ has recorded an unaudited cash profit of $1.53 billion for the three months to December 2012 — a 6.2 per cent increase on the first quarter of 2012.
The bank's market share increased in key sectors including traditional and affluent banking and household mortgages and deposits, but the environment for wealth remains subdued, according to CEO Mike Smith.
"We continue to manage costs while pacing investment in transforming the business," Smith said.
ANZ Group's global wealth and private banking division continued to penetrate the bank's customer base and launched the Smart Choice Super product in November.
But while investment markets have improved, business conditions remain challenging and expenses are being well managed, the bank stated.
Commenting on the first quarter, Smith said ANZ's performance was in line with expectations.
"We are delivering against our strategic growth and productivity priorities," Smith said. "This has seen ANZ continue to perform despite soft economic conditions in Australia and New Zealand, and cautious behaviour by consumers and business."
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