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ANZ profit up 11 per cent

by Staff Reporter7 minute read

Strong home loans growth has helped ANZ to achieve a cash profit after tax of $6.5 billion for the 2013 financial year, up 11 per cent from the 2012 financial year.

According to a statement released by the bank, ANZ had the strongest overall growth of the major banks across home loans, deposits and credit cards for the year.

ANZ's home loans growth has been above industry average rates for the past 14 quarters, and branch home loan sales increased 16 per cent during the year, according to the bank’s statement.

ANZ credited the full-year result to a distinctive long-term strategy focused on growth in domestic franchises and a targeted expansion in Asia.

ANZ chief executive officer Mike Smith said “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.

“In 2013, we have continued to attract more customers with further market share gains in Australian retail and commercial. In New Zealand, brand consideration is at a historic high, and we are growing market share in home loans and small business banking.

“In wealth, we are providing more financial solutions to more ANZ customers while using innovation to create new growth opportunities,” he said.

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