ANZ Q1 Profit Up 6.2% on Strong Global Markets


Australia and New Zealand Banking Corp, the country's fourth-largest bank, posted a 6.2 percent rise in first quarter earnings on Friday, boosted by strong global markets and Australian retail banking.

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ANZ, which aims to earn nearly a third of its annual profit in Asia by 2017 as Australian growth slows, reported cash profit of A$1.53 billion ($1.58 billion), compared with A$1.49 billion a year ago.

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ANZ said that "reasonable" revenue volume growth in Asia was offset by margin pressure in New Zealand and in its international and institutional banking division.

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Analysts forecasts were not available as the update was the first time ANZ has reported cash profit, in line with its peers. It previously reported underlying profit.