Australia and New Zealand Banking Group’s (ANZ) global wealth division has reported 36% rise in profit for the year ended 30 September 2013.
The division’s also reported a 6% rise in net funds management and insurance income year-on-year and a decline of 2% in operating expenses along with a favourable non-recurring tax benefit.
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ANZ chief executive Mike Smith said: "In wealth we are providing more financial solutions to more ANZ customers while using innovation to create new growth opportunities."
The bank’s global wealth division serves over two million customers and manages A$59 billion in investment and retirement savings in Australia and New Zealand.
Overall, the ANZ group reported a record annual net profit of A$6.3 billion (US$6 billion), an increase pf 11% year-on-year.
The bank in a statement said that its return on equity increased by 20 basis points to 15.3%, while its common equity tier one ratio improved 47 basis points to 8.5%.
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By GlobalDataANZ declared a final dividend of 91 cents per share, bringing the year’s total payout to A$1.64 per share after an interim dividend of 73 cents.
"This is a strong performance, the result of a distinctive long-term strategy focused on growth in our domestic franchises and targeted expansion in Asia," Smith added.
