ANZ bounces back

ANZ’s unaudited cash profit was $1.8 billion, up 54 per cent on the average of the last two quarters of 2020. Costs were flat, while all major businesses “performed well” through the quarter with market share gains in the key home loan market and record volumes in the bank’s target segments in New Zealand.

“This is a strong performance in volatile trading conditions that again highlights the benefits of disciplined execution of our strategy as well as maintain a simpler and well-balanced portfolio of businesses,” said CEO Shayne Elliott.

“ANZ is well positioned heading into the remainder of 2021 with good momentum in our core activities. The work done to simplify and de-risk the business over the past five years set us up well and we have the capital, liquidity and operational capacity to continue to support our customers and the broader economy through what remains a volatile period.”

Approximately 1 per cent of home loan customers in Australia and New Zealand are still receiving COVID support. In New Zealand, 92 per cent of loan deferrals have rolled off with 86 per cent returning to repayments. Credit impairments were significantly reduced.