Australia and New Zealand Banking Group Ltd Stable first quarter

Stable first quarter: Australia and New Zealand Banking Group Ltd (ASX: ANZ)has inked an agreement with CMC Markets for providing a market leading share trading solution to customers under the ANZ Share Investing brand. As per the first quarter performance updates, the bank recorded a quarterly cash profit of $2 billion, an increase of 31% mainly driven by a good performance in Australia and New Zealand Retail and Institutional segments along with a lower provision charge and the sale of 100 Queen Street. Statutory net profit rose 8% to $1.6 billion led by market share gains in customer deposits and Australian home lending, and further gains in new-to-bank customers driven by the success of ApplePay and AndroidPay. Also, the bank stated that institutional banking performed well in Australia and Asia and this supported the revenue impact of initiatives to improve capital efficiency and returns. As of December 31, APRA common equity tier 1 (cet1) ratio was 9.5%. Group Net Interest Margin (NIM) declined several basis points reflecting lower earnings on capital and higher funding costs driven by improving liability mix from strong deposit growth. For the quarter, total provision charge stood at $283 million with individual provision charge of $325 million. Looking ahead, provision charge in 2017 is expected to remain broadly similar as a percentage of gross lending assets.

 

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