The bank reported its profits are up 15 per cent from the previous year, along with the cash for profit of its global wealth division business increasing by 11 per cent.
Commenting on the results, ANZ chief executive Mike Smith said the bank’s results saw “continued momentum” from its international business in the Asia Pacific, Europe and America, which “accounted for 24 per cent of group revenues”.
“This provides ANZ with meaningful and differentiated growth options without the need to take on more risk,” Mr Smith said. “With the phase of high investment in Asia largely complete, we are seeing a greater share of Asia-led revenue growth translate to profit.”
ANZ also reported its private wealth profit grew 62 per cent, which excluded the impact of the acquisition of ANZ Trustees business by Equity Trustees in July 2014.
“The strong performance was driven by a new investment-led model, with deposits and investment [funds under management] FUM up 20 per cent and 21 per cent respectively,” a statement from ANZ said.
“Insurance cash profit grew 16 per cent excluding the impact of the exit of one Group Life Insurance plan with retail and direct life in-force premiums up 10 per cent,” the statement said.
“Australian retail life lapse rates are outperforming the industry average at 12.4 per cent, an improvement of 130 [basis points]. Funds management income grew three per cent with a 12 per cent growth in the average FUM to $61 billion up $2.4 billion, driven by improved net flows and investment market gains,” ANZ said.
