Australia and New Zealand Banking Group (ANZ) has reported a cash profit of A$1.79bn for the first quarter of fiscal year 2015, a rise of 3.5% compared to A$1.73bn during the same period last year.
For the quarter ended 31 December 2014, the bank recorded statutory net profit of A$1.65bn consistent with the prior year quarter.
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The bank’s global wealth division continued to perform well delivering strong in-force premiums growth, stable claims and lapse experience together with further growth in funds under management.
According to the company, ANZ Smart Choice Super, the GROW by ANZ digital platform and the ANZ Grow Centre have driven greater adoption of wealth products by ANZ customers.
ANZ CEO Mike Smith said: "ANZ has made a solid start to 2015 with our customer franchises in Australia, New Zealand and Asia continuing to perform strongly.
"As we anticipated, 2015 is proving to be a slightly tougher, more volatile environment. We have seen some tailwinds associated with the lower Australian dollar in the first quarter however these have been partially offset as a result of global economic conditions including lower commodity prices," he added.
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