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ANZ’s home loan customers have contributed to a 13 per cent profit surge for the bank.
ANZ reported a $1.73 billion underlying profit for the three months to 31 December 2013 after posting a $1.53 billion profit 12 months earlier.
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Chief executive Mike Smith said the bank had delivered “ongoing improvements in the quality of our lending book”.
Home lending in Australia had “grown above system” for the past 16 quarters, he added.
“In the New Zealand division, we have continued to grow our home loan book strongly through both business banking and retail channels, with strong performance in the under-80 per cent loan-to-value segment,” he said.
Mr Smith said ANZ was consistently improving its growth and financial performance. He forecast that revenue would grow by 4 to 5 per cent and costs would increase by 2 per cent for the 2013/2014 financial year.
