Elliott said a shift in the bank’s capital balance from the institutional business into the commercial and retail side was a permanent one and he felt the balance was almost right.
“Our responsibility is to get the balance right between those two [businesses],” he said. “They have very different characteristics.”
“We think the right mix is about two thirds retail and commercial and about a third in institutional. Today we’re at about 60/40 – so we’re getting closer and closer to that desired end state.”
He said capital generation was one of the strengths of the result with ANZ’s core capital now above 10 per cent for the first time giving the bank flexibility ahead of further regulatory changes.
Elliott also touched on the bank’s success in preparing for the revenue slowdown and increased capital requirement previously forecast. Watch the video above to find out more.
The result comes as ANZ unveils a new operational approach in a move aimed at improving the way the bank responds to customer needs and empowers its staff
Andrew Cornell is managing editor at BlueNotes