Australian Internet Loans News
ANZ nets solid profit despite wealth management
Source: Money Management: 26 Oct 2012
ANZ banking group has reported a solid full-year result with net profit attributable to shareholders up 6 per cent to nearly $5.7 billion - but with its wealth management division still struggling in what it represents as adverse market conditions.
The big banking group released its results on the Australian Securities Exchange (ASX) today reporting a proposed final dividend of 79 cents per share fully franked, and with its chief executive Mike Smith claiming it had delivered on its promise to shareholders, staff and customers.
However he acknowledged that profits from the newly-formed Global Wealth and Private Banking Division had been flat, attributing this to market conditions.
"….but importantly, having put a new management focus on the business, we saw an improving contribution in the second half with better insurance results, higher investment earnings and productivity improvements," he said.
Smith said ANZ would be updating investors on the direction of the wealth management business next month.
However, drilling down on the banking group's results announcement, it was revealed that net income from global wealth and private banking increased $24 million, primarily due to the impact of interest and inflation rates on insurance and annuity reserves, higher sales from Asian operations, and favourable insurance results "partially offset by lower funds management and advice income".
Where advice was concerned, the ANZ results documentation revealed that while the company had struggled in the second half, net advice income was still up five per cent year-on-year.
However in terms of the six months between March and September, it was down by 14 per cent.
Looking at the broad outlook for ANZ, Smith said that with the global economy softening it was clear that the post-Global Financial Crisis lower growth business environment "will be with us for the foreseeable future".
He said that although the operating environment in 2013 looked more challenging with stronger headwinds in a number of areas, he believed ANZ's unique growth strategy meant it was well placed to deliver value and performance to shareholders.
|Police issue warning about bank scam|
Nov 20 :: Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.They say they cold call customers and tell them they have been overcharged in fees and... read more
|ANZ nets solid profit despite wealth management|
Oct 26 :: ANZ banking group has reported a solid full-year result with net profit attributable to shareholders up 6 per cent to nearly $5.7 billion - but with its wealth management division still struggling... read more
|Millions lack access to basic financial services|
Jun 01 :: Nearly 3 million Australians do not have access to basic financial products such as a credit card, car insurance or even a bank account, according to a private study. The annual report by... read more
|The Truth Behind Payday Loans|
Thereâ€™s a lot been said about payday loans. Many claim that the interest rates charged are outrageous. Others say that they are the only source of finance available for those with less than perfect credit score. There is a bit of truth in both claims but there is much more to payday loans than meets the eyes. - read more
|Personal Loans And The Consumer Credit Code|
Understanding your rights as a consumer is essential in dealing with complex issues like personal loans and other finance. Here we reveal, in simple terms, how the Credit Code works for you. - read more
|A Chattel Mortgage for Business Finance - Six rules of evaluation and selection.|
A Chattel Mortgage loan is a simple yet effective finance option designed for business plant and equipment purchases. Here are six rules to consider when arranging finance for your business that will ensure you retain full control over the loan process and save money in the process. - read more