ANZ Bank

ANZ recently announced an upbeat trading update for the nine months ending 30 June 2012 (it has a 30 September year end), with unaudited underlying profit increasing 6% to $4.5bn. Though margins have been steady overall, we’ll reserve judgment until we see the finer details in the annual result. The company has also reportedly increased market share in its key Australian business and locked in its annual wholesale funding needs. Chief executive Mike Smith has waited relatively patiently for acquisition opportunities in Asia. With European banks avoiding a fire sale of their Asian assets, the flood of opportunities expected...

ANZ recently announced an upbeat trading update for the nine months ending 30 June 2012 (it has a 30 September year end), with unaudited underlying profit increasing 6% to $4.5bn. Though margins have been steady overall, we’ll reserve judgment until we see the finer details in the annual result. The company has also reportedly increased market share in its key Australian business and locked in its annual wholesale funding needs.

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