Australian banking big ANZ has reported a revenue of greater than $7 billion regardless of going through “exterior challenges”.
The large 4 financial institution introduced on Monday an audited revenue of $7.09 billion for the complete 12 months ending September 30, 2023.
The banking big’s money revenue additionally rose in 2023 by 14 per cent to $7.4 billion in comparison with the earlier 12 months.
Regardless of the sturdy outcome, ANZ CEO Shayne Elliott mentioned the “exterior setting” was prone to stay difficult.
“The total affect of upper rates of interest is predicted to proceed to affect financial exercise,” he mentioned.
“Our prospects have to this point confirmed resilient, with a comparatively low stage of delinquencies regardless of the present rate of interest tightening cycle.
“We’ll proceed to concentrate on supporting prospects by way of what is going to possible be one other 12 months of cost-of-living pressures.”
Mr Elliot mentioned the financial institution closed the 12 months with provisions for potential credit score losses larger than previous to the pandemic.
It additionally did so with “extra capital than ever earlier than”.
“That is essential as we enter a interval of continued excessive rates of interest, rising prices and geopolitical tensions,” he mentioned.
“The second half delivered an excellent income and revenue outcome, demonstrating the advantages of our diversified franchise.
“General, this can be a sturdy outcome reflecting the advantages of our constant technique and a well-diversified portfolio of companies.”
Mr Elliot mentioned the financial institution would proceed to handle prices to create capability for additional in ANZ Plus scheme shifting ahead.
The reveal comes solely days after fellow huge 4 financial institution NAB posted an $7.7 billion enhance in money earnings, regardless of “challenges”.
Extra to come back.