ANZ’s cash profit up

ANZ has announced a 54% rise in unaudited cash profit from continuing operations to $1.81 billion while its unaudited statutory profit after tax for Q1 amounted to $1.62 billion. 

In the announcement made to the Australian Securities Exchange (ASX), ANZ’s chief executive Shayne Elliott said that although markets had another solid quarter, the revenue was down relative to the historic highs as of the end of last year. 

“Margins were up across the group due to higher volume growth in targeted segments and a disciplined and active approach to risk and pricing. The combination drove group revenue up 4% for the quarter when excluding the impact of our markets,” he said. 

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“All our major businesses performed well through the quarter with market share gains in our key home loan market in Australia as well as record home loan volumes in New Zealand.” 

At the same time, the bank announced that its total provision for the December quarter stood at $150 million. ANZ supported around 145k home loan and commercial customers in Australia and New Zealand with repayment deferrals, of which approximately 1% of home loan customers were still receiving COVID support. 

“The small release in the collective provision reflected improved economic conditions, particularly here in Australia. However, recent lockdowns in Perth, Brisbane, Melbourne and Auckland demonstrate how quickly things can change and we believe our current settings are both prudent and appropriate given this uncertainty,” ANZ’s CEO said. 

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