Australia and New Zealand Banking Group’s (ANZ) has posted cash profit of A$3.7bn in the first-half of fiscal year 2015, an increase of 5%.
The group’s statutory profit after tax saw a marginal rise of 3% to A$3.5bn.
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The bank’s global wealth division saw an 11% rise in profit, mainly driven by strong underlying performance from the insurance business which benefited from growth in in-force premiums, stable claims as well as improved lapse experience.
Private Wealth and Funds Management registered strong investment market performance and improved volumes with an 11% increase in funds under management.
ANZ CEO Mike Smith said: "This is a good, well balanced financial performance with solid progress made in reshaping our business in response to the more challenging macro-environment.
"Our domestic markets in Australia and New Zealand have again delivered strong growth and returns. We are investing heavily in areas of future profitability, particularly for our Australian business. This includes a focus on key segments such as Home Lending and Commercial Banking in geographies and segments where we are underweight such as New South Wales.
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By GlobalData"New Zealand has again performed well following the business simplification program and brand merger, entrenching our position as New Zealand’s leading bank. Global Wealth achieved positive results and is delivering industry-leading innovation for our customers."
