ANZ: Q3 Result 2013

For the nine months ending 30 June ANZ’s underlying cash profit increased 11% to $4.8bn from a year earlier. Income increased 5%, expenses fell by half of a percent and provisions for bad debts fell 2%. For the full year management expects lower profit growth than last year, but margins should be helped by revenue growing quicker than expenses. Low interest rates and high employment are allowing the big four banks to reduce provisions for bad debts to (or near) record levels. At some point we expect this virtuous cycle to reverse course as unemployment increases, but the fact...

For the nine months ending 30 June ANZ’s underlying cash profit increased 11% to $4.8bn from a year earlier. Income increased 5%, expenses fell by half of a percent and provisions for bad debts fell 2%. For the full year management expects lower profit growth than last year, but margins should be helped by revenue growing quicker than expenses.

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