Australia and New Zealand Banking Group’s (ANZ) global wealth division has reported a cash profit of A$525m for the fiscal year ended 30 September 2014, a rise of 11% compared to A$471m during the same period last year.
The bank’s Global Wealth division comprises of funds management, insurance and private wealth business units which provide investment, superannuation, insurance products and services as well as private banking for customers across Australia, New Zealand and Asia.
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Excluding the impact of the sale of ANZ Trustees which completed in July and a prior year one off tax credit, profit increased 10%.
The division continued to improve its efficiency with the cost to income ratio down a further 375bps.
Private Wealth profit grew 62%, excluding the impact of the sale of ANZ Trustees. The strong performance was driven by a new investment led model with deposits and investment FUM up 20% and 21% respectively, the bank said in a statement.
Insurance cash profit grew 16% excluding the impact of the exit of one Group Life Insurance plan with Retail and Direct Life inforce premiums up 10%.
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By GlobalDataFunds Management income grew 3% with a 12% growth in the average funds under management to A$61bn up A$2.4bn, driven by improved net flows and investment market gains.
ANZ chief executive Mike Smith said: "This is another good performance that demonstrates consistent execution of our super regional strategy which is positioning ANZ well in a more constrained operating environment.
"There were market share gains in key segments in Australia, the New Zealand business performed strongly following the brand simplification and Global Wealth performed well," he added.
