ING overcomes issues
ANZ Banking Group has used a trading update filed on the Australian Stock Exchange to point to what it describes as significant improvement in wealth management, but to also acknowledge a sluggish performance and lack of improvement from its institutional areas, particularly in New Zealand.
The update, issued by chief executive John McFarlane, also pointed to the fact that ING Australia had experienced strong funds under management flows and healthy equity markets and had “overcome its historical issues”.
“As such, it (ING) is now focused on growth and we believe its performance compares well to industry peers,” he said.
However, looking at the bank’s institutional division, McFarlane said it was performing well below the group average, with income growth at the bottom of the target range.
What is more, he said the second half was likely to be weaker than had been hoped due, in part, to recent market turbulence.
The company will report its annual results in late October.
AUTHOR
Mike Taylor
Recommended for you
Financial advisers are demonstrating growing interest in crypto ETFs, with momentum pushing assets in these products past $800 million.
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
