Australia New Zealand bank delivers 7.1bn AUD profit

GMT 15:16 2014 Friday ,31 October

Arab Today, arab today Australia New Zealand bank delivers 7.1bn AUD profit

Australia New Zealand bank
Sydney - XINHUA

The Australia New Zealand (ANZ) bank on Friday announced a 10 percent boost in profits this year and is confident of continuing its good run next year thanks to healthy economic conditions.
ANZ said it delivered a full-year cash profit of 7.11 billion Australian dollars (6.28 billion U.S. dollars).
ANZ Chief Executive Mike Smith said the bank had from very low rates of default by borrowers and this trend is expected to continue in 2015.
"We expect 2015 to present similar opportunities for ANZ, with a continuation of a stable and benign credit environment," Smith said in a statement.
"In Australia and New Zealand the consumer sector remains relatively buoyant however we expect a gradual transition to business led growth as business confidence improves."
"While the banking sector faces a number of headwinds, we believe the environment, ANZ's strategy, our business mix and the strength of its customer franchise positions us strongly and we are well placed to deliver against our 2016 cost to income and returns targets."

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