Australia & New Zealand Banking Group (ANZ) has reported cash profit of A$3.49bn ($2.6bn) for the half year ended 31 March 2018, an increase of 4% compared to A$3.35bn ($2.5bn) in the same period last year.
The banking group’s statutory profit after tax for the first half stood at A$3.32bn, up 14% from A$2.91bn last year.
Compared to a year ago, the bank’s return on equity improved 32 basis points to 11.9%. Net interest margin was 1.93%, versus 2% in the previous year.
The bank’s gross loans and advances for the six months ended 31 March 2018 were A$595.5bn, up 2% from A$580.4bn a year earlier. Total risk weighted assets (RWAs) dipped to A$395.8bn from A$397bn a year ago.
ANZ CEO Shayne Elliott said: “This result demonstrates our strategy to build a better balanced, better capitalised and simpler bank is delivering results for customers and shareholders despite continued headwinds for the sector.
“We have increased the allocation of capital to our higher performing businesses, delivered on our simplification promise by divesting non-core assets, reduced product complexity and continued to reshape our workforce so we can better respond to changing market dynamics.”