ANZ’s Messy 1H18 Result Broadly in Line, with Loan Quality a Highlight. FVE AUD 30 Unchanged
Wide-moat Australia and New Zealand Banking Group’s first-half fiscal 2018 cash profit from continuing operations of AUD 3.49 billion was 4% higher than a year ago and higher than the AUD 3.42 billion we expected. Compositional differences surprised, with bad debts lower and the tax rate higher. The first-half cash profit including discontinued operations of AUD 2.88 billion declined 16% on previous corresponding period, or pcp, and 18% lower than previous period. The bank is moving along nicely...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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