ANZ Banking Group (ASX:ANZ) has posted a record first half profit broadly in line with expectations, but warned that the domestic economy faces challenging conditions.
In the six months to 31 March, ANZ’s net profit jumped by 38 per cent to $2.66 billion.
In the same period underlying cash profit grew 23 per cent to $2.83 billion, boosted by a 3 per cent rise in profit before provisions and a 9 per cent fall in the provision charge.
CEO Mike Smith says the interim result was solid and also affirmed the banks’ commitment to investing aggressively into its Asia Pacific, Europe and America business.
However, Mr Smith also noted that following the global financial crisis parts of the Australian economy have hit flat spots exacerbated by the strong dollar.
ANZ has declared a fully franked interim dividend of $0.64, up from $0.52 a year earlier.
In the 2010 financial year ANZ recorded a net profit of $4.5 billion.
