Another Messy ANZ Bank Result with 1H17 Modestly Below Expectations. AUD 29 FVE Unchanged
Our long-term view on wide-moat Australia and New Zealand Banking Group remains intact despite a modestly lower-than-expected first-half fiscal 2017 cash profit of AUD 3.41 billion. The messy result included asset sales and “specified charges,†but the cash profit increased an impressive 23% on the adjusted first-half fiscal 2016. Despite the slight miss, underlying momentum in core Australian and New Zealand banking continues to build with evidence restructuring is delivering a solid base for f...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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