Economic news

Aussie lender ANZ’s first-quarter revenue in line with year-ago average

2024.02.11 18:30


© Reuters. FILE PHOTO: Office workers eat lunch in front of an ANZ Banking corporation tower in central Sydney, Australia February 20, 2018. REUTERS/Daniel Munoz/File Photo

(Reuters) – Australia’s ANZ Group on Monday said its first-quarter group revenue was in line with the quarterly average of its first-half fiscal 2023 revenue, driven by its institutional division’s markets business.

Surging demand for its institutional banking services pushed Australia’s fourth-biggest lender to post a record annual profit last year, as it benefited from a payments platform that processes big cross-border transactions.

“The institutional division’s markets business had a good start to the year with revenues a little better than the first half FY23 average of A$575 million ($374.73 million),” the Melbourne-listed company said in a statement.

It also added that its lending growth across its Australian retail and consumer franchises were robust, fueled by customer deposits, and is continuing to boost Australian home loan book profits.

ANZ Group added A$8 billion in customer deposits across its retail and commercial divisions in Australia, even as its institutional deposits fell by A$3 billion.

The bank’s first-quarter revenue was in line with the quarterly average of the previous fiscal year’s first half of A$5.26 billion, the company said in a limited quarterly update that did not provide a profit number.

However, the bank’s common equity tier 1 ratio fell to 13.1% at the end of December 2023 compared with 13.3% at the end of September 2023.

($1 = 1.5344 Australian dollars)

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