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While BNZ chief executive Antony Healy noted growth in the lending markets as one of the highlights, ANZ chief executive David Hisco attributed it to the bank’s frontline staff, even though some staff are taking industrial action at the moment.
Hisco said very few of the bank’s staff belong to First Union which is taking the action.
He said “the bank is not a partnership”. It had to earn a return for its shareholders on the $10 billion worth of capital invested in the company.
ANZ’s return on equity “was nothing special,” he said.
ANZ lifted its annual earnings 17% in the 12-month period. Cash profit rose from $1.43 billion to $1.68 billion. Statutory net profit climbed 25% to $1.71 billion.
Operating income increased 7% to $3.76 billion, while expenses fell 2% to $1.46 billion.
Hisco also said that the integration of National Bank into the business was helping performance.
“We have continued to reduce duplicated costs and build a simpler, more productive business following our National Bank and ANZ brand merger in late 2012.”
Hisco said ANZ had seen market share growth in lending and deposits, cost productivity and credit quality improvements.
It was now the number one residential lender in Auckland and Christchurch, markets normally dominated by ASB and Westpac respectively.
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