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Strong progress for ANZ in Q3: Elliott

ANZ CEO Shayne Elliott sees signs of improvement in a “steady” operating environment and early results with the bank’s operational changes as the bank posted a rise in third-quarter cash profit.

In the three months to June 30, ANZ posted a 5.3 per cent increase in cash profit to $A1.79 billion, on the back of above-industry growth in the bank’s residential mortgage book.

Speaking to bluenotes on video, Elliott said ANZ was “ticking along pretty well”.

"The reshaping of our business has proceeded again really strongly in the quarter.” - Shayne Elliott“More importantly, the reshaping of our business has proceeded again really strongly in the quarter,” he said. “Clearly the economy is not performing to its full potential but it’s going pretty well and there are some actual signs of improvement.”

 

Elliott said the rise in loans - as well as a reduction in risk-weighted institutional assets - had come in line with the bank’s strategy.

“Those two things are really helping reposition ANZ and are primarily the reasons that we’re driving good capital generation again in the quarter,” he said.

Elliott said he was comfortable with the bank’s capital options and welcomed further regulatory certainty.

Addressing ongoing coverage around public trust in banks, he said it would take some time – perhaps a number of years – before trust is re-earned.

“The good news is actually the industry is totally united in doing the right thing,” Elliott said.  “We also recognise that in itself is not enough either. It’s a bit transformation project.”

He also touched on costs, credit quality and margins. Watch the video to find out more.

ANZ's Q3, in charts

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Andrew Cornell is Managing Editor at bluenotes 

Click HERE to see the ANZ media release

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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