The CEO said ANZ expects the subdued conditions to last for the foreseeable future, including around revenue growth, but the bank maintained considerable flexibility with its capital base.
“We don’t think that’s a temporary shift [in conditions],” Elliott said.” We think it’s quite permanent and therefore we’ve been simplifying our business and readjusting our operating methods so we’re fit and lean and ready to adapt for that future world.”
ANZ’s reshaping is delivering results across the business, Elliott said, making ANZ a simpler, safer and better-quality bank. He said the best strategy for running a bank in the future is about being “selective, being targeted [and] being able to adapt quickly to customer needs”.
Costs continued to fall but Elliott warned revenue growth would continue to be tough so ANZ needed to continue its efforts on reducing the absolute cost of running the bank.
He also touched on positive credit conditions, the bank’s increased productivity outlook and learnings from the bank’s New Zealand simplification. Watch the video above to find out more.
Andrew Cornell is managing editor at bluenotes