ANZ can keep growing: Smith

ANZ CEO Mike Smith is confident the bank can maintain the strong market share growth which was a pillar of another record annual profit.

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"I think we're in a really good position right now."
Mike Smith, Former Chief Executive Officer ANZ

ANZ can keep growing: Smith

ANZ posted a statutory profit up 3 per cent to $7.5 billion for the September 2015 year, on the back of strong performances in its wealth and Australia-based divisions where it grew market share across major product lines including mortgages.

Speaking to BlueNotes on video, Smith said he was confident the bank could continue to expand its presence, especially in New South Wales.

"I think it is [sustainable]," he said. "If you look at the growth we've had in Australia in particular, in retail and commercial, we've now focussed more on those growth areas, particularly in NSW where we're underweight."

"And Asia, we've scratched the surface there. The opportunity is huge. I think we're in a really good position right now."

Smith praised the strength of ANZ's Australian and New Zealand arms, as well as its outperforming wealth division.

"There was a bit of a weakness in the very last quarter from global markets, which was unfortunate," he said. "That took a little bit of the shine off [the result] but I don't think it takes away from it."

Smith said issues in the credit cycle that hurt the division were unlikely to become more pronounced in the new fiscal year.

"I think it really is bumping along the bottom," he said. "I'm not too worried by it. It's not going to get better though in a credit sense, we really are on the bottom (of the cycle of lower bad debts)."

He also touched on the future of ANZ's Asian strategy, the importance of economic confidence and the responsibility of government. Watch the video above to find out 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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