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Smith: good result in tough times

ANZ CEO Mike Smith says the bank's super-regional strategy helped it weather challenging operating conditions, supporting what he described as a "well-balanced result".

"Had we not had the Asian business we would have been in serious trouble. I think despite those headwinds we've done a pretty good job."
Mike Smith, Chief Executive Office, ANZ

Smith: good result in tough times

Speaking after the bank reported a $3.7 billion interim cash profit, Smith said ANZ had delivered a pleasing result in an environment that remained tough.

“It's particularly pleasing because it's very well balanced," he told BlueNotes exclusively on video. “Not only across the businesses but across geographies as well.

“I think that really brings home the benefit of our strategy, of the super-regional bank."

In the current environment of low growth, Smith said, ANZ's strategy gave the organisation more options which it has been able to deliver on.

“Asia was very strong, I mean it grew at 18 per cent," he said. “The weakness if there was one was in the institutional business in Australia but frankly that's something that we expected."

“Had we not had the Asian business we would have been in serious trouble. I think despite those headwinds we've done a pretty good job."

Smith also touched on the Australian housing market, capital requirements and operational efficiency. Watch the video above to find out about more.

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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