ANZ Banking Group (ASX:ANZ) has boosted its first half net profit by 10 per cent to $2.92 billion on the back of improving performances in Asia, the Pacific, Europe and America.
The bank’s cash result, excluding one-offs and investment losses or gains, increased 5 per cent to a record $2.973 billion.
The bank’s Asia, Pacific, Europe and America division posted 21 per cent profit growth, underpinned by a 76 per cent rise in institutional business profit.
CEO Mike Smith says the banks financial performance was subdued in the period, impacted by declining margins and the structural shift that has occurred since the financial crisis.
The result adds pressure for ANZ to pass on the Reserve Bank of Australia’s 50 basis point rate cut to consumers when it reveals its new mortgage rates next Friday.
A fully-franked interim dividend of 66 cents per share has been declared.
