ANZ cash profits jump in December quarter
ANZ has reported a jump in cash profits for the December quarter in another sign the big four banks are making a turnaround after COVID-19.
ANZ’s unaudited statutory profit after tax for the first quarter of the financial year was $1.6 billion, up from a quarterly average of $773 million the first half of last year.
The figures were reported in a quarterly trading update, a first for ANZ since the Global Financial Crisis to keep the market informed during the uncertain environment brought on by the coronavirus pandemic.
ANZ chief executive Shayne Elliott said the bank’s performance had been strong during volatile trading conditions, which “again highlights the benefits of disciplined execution of our strategy as well as maintaining a simpler and well balanced portfolio of businesses”.
“We’re pleased to have achieved these results for shareholders while also helping customers in difficulty and providing the vital lending needed to support the economic recovery,” Mr Elliott said.
Mr Elliott also said all its major business clients had performed well through the quarter, adding ANZ had expanded its market share of Australian and New Zealand home loans.
“ANZ is well positioned heading into the remainder of 2021 with good momentum in our core activities,” he said.
The bank provided an update on loan deferrals, with its total deferral bill of $33 billion for mortgage holders and $10 billion for businesses being reduced by 97 per cent and 90 per cent respectively.
Around 1 per cent of ANZ’s mortgage accounts had now been transferred to hardship, compared to 4 per cent of business accounts.
More to come
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Charlotte is a reporter for The Age.
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Source: Thanks smh.com