According to The Australian Financial Review, ANZ Banking Group Ltd
(ASX:ANZ) has defended claims that it spent less on funding costs in 2010 than in 2009, calling an analysis by the Australian Institute “simplistic.”
The bank has acknowledged that the details of the institute’s analysis were correct but maintained that the financial sector was continuing to experience increasing funding pressures.
ANZ’s fall in funding costs for 2010 were as a result of several factors including the buy-out of ING Australia.
For the year ended 30 September 2010, ANZ reported a net profit of $4.5 billion.
