ANZ 9-month Profit Up; Sees FY Revenue At Lower End Of Target

(RTTNews) - Australia And New Zealand Banking Group Ltd. (ANZ, ANZBY.PK, ANZ.AX)or ANZ reported that its nine-month statutory profit rose 8 percent to A$5.0 billion from prior year.

Cash Profit was A$5.2 billion, 8 percent higher than the previous year period.

"ANZ has continued to perform well with strong results in Asia and consistent performances in both New Zealand and Australia despite parts of the Australian economy being a little slower than expected,"Chief executive Mike Smith said.

Looking ahead to fiscal year, ANZ expects earnings (FX adjusted) to be in line with guidance, with revenue at the lower end of earlier guidance for 4 percent -5 percent growth. The provision charge is now expected to be around 12 percent lower than for FY13.

ANZ said trading conditions were showing signs of improvement coming into the final quarter.

"Our portfolio of businesses has produced a strong profit and we are on track to meet full year expectations. Looking ahead the balance we are creating between growth, return and capital generation positions ANZ well for improved financial performance in the medium and longer term," Smith added.