ANZ posts strong quarter
The ANZ banking group has turned in a strong December quarter, reporting an underlying profit after tax of $1.4 billion, representing a 27 per cent increase over the prior corresponding period.
Announcing the result to the Australian Securities Exchange (ASX) today, ANZ chief executive Mike Smith made clear the company would remain focused on its so-called ‘super regional strategy’.
“Asia remains the engine of global growth,” he said. “As a result, connectivity to the region is continuing to deepen through growth in trade and investment flows between Asia and our key domestic markets in Australia and New Zealand, and through growth in intra-Asia flows.”
Looking at the company’s retail and wealth businesses in Asia, Pacific, Europe and America, Smith said the bank was beginning to build momentum following the integration of the Royal Bank of Scotland business last year.
He said that while the region in the Asia Pacific was performing extremely well in a global context, there was a need to remain realistic about the continuing uncertainties in the world economy.
As well, Smith said there were other challenges in Asia and in Australia including concerns over commodity and asset price inflation, emerging protectionism and currency imbalances, which were all contributing to volatility in markets.
AUTHOR
Mike Taylor
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