ANZ's Q1 net profit falls to $1.36b
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February 15 2013, 07:59AM
Revenue volume growth in Asia during ANZ's first quarter was offset by margin pressures in New Zealand, and the international and institutional banking division.
ANZ chief executive Mike Smith described the bank's result as solid and in line with expectations outlined last October when it reported a record $5.66 billion full year net profit.
He said ANZ had continued to perform despite soft economic conditions in Australia and New Zealand, and cautious behaviour by consumers and business.
"Provisions were in line with expectations and there have been no developments, including the recent natural disasters in Australia, that would materially change our guidance for the year," he said in a statement on Friday.
Mr Smith said ANZ had won market share in Australia and New Zealand in regards to retail deposits and home loans during the quarter.
However, margins had been softer in New Zealand, where cost management was a priority.
Margins at ANZ's international and institutional banking arms also remained under pressure, albeit less so than in 2012.
Mr Smith said the trading environment had remained subdued for the bank's wealth division, but costs were being managed.