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ANZ has reported strong loan growth and increased profit in its latest trading update.
The major delivered a $5 billion net profit for the nine months to 30 June 2014, which was up eight per cent on the previous year.
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Net loans and advances were also up 5.8 per cent. ANZ also reported that revenue was “a little softer” than in the first six months, while expenses were similar.
“The Australia division has performed consistently, delivering steady improvement in core segments,” according to ANZ.
“Home lending has now grown above system for the past 18 quarters. Customer numbers in the corporate and commercial business have continued to increase and credit quality remains sound.”
ANZ grew its loan book by 7.5 per cent during the 2013/2014 financial year, according to APRA data.
Chief executive Mike Smith said ANZ had continued to perform well in Australia despite parts of the economy being a little slower than expected.
He also said the bank had grown its share of the home loans market and increased its lending to small businesses.
“After a period of subdued demand we are seeing signs of a pick-up in corporate sector borrowing appetite,” he said.
“Looking ahead, the balance we are creating between growth, return and capital generation positions ANZ well for improved financial performance in the medium and longer term.”
[Related: ANZ cuts five-year fixed rates]
