ANZ revenue flat in subdued growth environment

Company News

by David Chau

ANZ Banking Group (ASX:ANZ) has released its trading update for the 9 months to 30 June 2016.

Australia’s fourth largest bank reported its statutory net profit was $4.3 billion, and that its cash profit fell by 3% to $5.2 billion.

ANZ says its focus is reducing risk-weighted assets, which have decreased by $15 billion.

As for its retail and commercial businesses, ANZ says they are performing well, given modest asset growth and margin pressure in regards to mortgages and deposits.

The bank’s CEO, Shayne Elliott, confirms that the bottom line is this – revenue is flat, cost control is good, bad debts manageable, and the business is operating in an environment of subdued long-term growth.

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