The soft spots in ANZ's solid result

Similar to CBA, ANZ has generated its earnings growth through cost control and a decline in bad debts. But its pristine credit quality is reflective of the continued sluggishness in the economy and falling demand for loans.

Within an otherwise solid ANZ Banking Group nine-month performance there were the same disconcerting signs of an evolving slowdown in momentum that were evident in Commonwealth Bank’s second-half experience when it reported earlier this week.

In May, when ANZ reported for the six months to end-March, ANZ’s earnings were running 11 per cent ahead of the previous year. Today it said earnings for the nine months were up only 8 per cent of the same period of last financial year.

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