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
Recommended for you
The shift in scale and consolidation has led to substantial growth in large privately owned licensees, which have tipped past 20 per cent of advisers for the first time to make up 28.3 per cent of the industry.
ETF providers Betashares and BlackRock are reporting increased flows for currency hedged vehicles, but an adviser has warned on the potential tax implications of changing currency.
Bravura chair Matthew Quinn is to step down later this year, following the exit of CEO Andrew Russell, while its future priority is digital advice in Australia.
Financial advice has an important role to play in navigating family discussions around inheritance, according to CFS, with younger generations expecting a windfall of more than $500,000 while older ones try to meet their retirement needs.
