have just read through the ANZ result highlights, market reaction up 3.2%!
anyone wanting to short "the banks" needs their heads read
a few highlights, and wo and behold - overall margins up 16bp! FY profit $5b
Lending grew 4% (7% FX adjusted) largely driven by the retail business in Australia and the Retail and Institutional businesses in APEA.
• Group margins were up 16 basis points (bps)4 reflecting improved pricing for risk primarily in the Institutional business and some recovery of margins in New Zealand, partly offset by higher funding costs. Margins declined half on half (HOH) in the Australian retail business.
• Second half profit of $2.7 billion was 19% higher HOH. Income and PBP momentum continued in the second half up 9% and 4% respectively HOH. On a pro forma basis PBP was up 2%.
