Australia & New Zealand Banking Group (ANZ) has posted cash profit of AUD1.79bn ($1.4bn) for the third quarter of 2017, up 5.3% compared to the average of the first two quarters of financial year 2017.
The banking group’s statutory profit for the period ended 30 June 2017 stood at AUD1.67bn.
Compared to the average of the first two quarters of financial year 2017, revenues dipped 0.3% while expenses dropped 1%. The group net interest margin (NIM) remained stable.
Customer deposit increased 2.3%, while net lending asset grew 2% compared to the average of the first two quarters of financial year 2017.
Total provision charge stood at AUD243m, including an Individual Provision (IP) charge of AUD308m and a Collective Provision (CP) release.
ANZ CEO Shayne Elliott said: “This period has seen further progress in improving returns based on rebalancing our business portfolio, ongoing cost management discipline and improved capital efficiency. Although we are in period of lower sector revenue growth with some parts of the economy experiencing challenges, credit quality has improved.”