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ANZ quarterly profit up 13 per cent

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ANZ’s $1.73 billion quarterly profit is up 13 per cent on the same period last year, in line with its most recent guidance.

The ANZ result comes two days before Commonwealth Bank’s half year result, also expected to show Australia’s big four banks are doing very nicely.

The bank’s Chief Executive Officer Mike Smith said the December quarter result signals consistent growth as it improves market share.

“ANZ’s distinctive strategy based on growth in our domestic franchises, growth in Asia, and strong operational and productivity disciplines is continuing to deliver a consistent improvement in business growth and financial performance,” Smith said.

“The Australia Division again grew market share in both Retail and Corporate and Commercial during the quarter while making further investments through the Banking on Australia program.”

Smith said there had been ongoing improvements in the bank’s lending book.

“Together with the outlook for continued low interest rates and low levels of corporate leverage we now expect the total FY14 provision charge is likely to be around 10 per cent lower than (the second half of the 2013 financial year).

“The bottom line is that we have made a good start to 2014. There remain a number of challenging issues in the global economic environment however these are now largely more predictable. Our performance in the first quarter means we are on track to deliver a solid 2014.”

Customer deposits increased 4 per cent, with net loans and advances up 3 per cent from the end of FY134.

Deposit growth has been strong across all geographies however lending demand has varied across the Group.

In the Australia Division home lending has grown above system levels for the past 16 quarters.

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