For the quarter, the firm’s unaudited underlying profit was $1.48bn, which is up from $1.4bn during the previous corresponding period.
Due to recovery in global markets trading income, offset by higher deposit and wholesale funding costs in Australia, the group profit before provisions (PBP) rose 6% (8% FX adjusted) to $2.3bn, while its revenue increased circa 5% to $4.3bn.
ANZ CEO Mike Smith said the bank’s performance in the first quarter has been solid with good results in Asia Pacific, Europe and America (APEA), in institutional and in New Zealand offset by continued margin pressure in Australia.
"The environment for banking internationally has become significantly more challenging following the first phase of the global financial crisis. Bank funding costs are continue to rise as the deepening economic and financial crisis in Europe causes dislocation and volatility in global markets although prospects are brighter in the US", Smith said.
Under the leadership of Smith, ANZ aims to garner 25%-30% of profits from Asia by 2017, up from 13% at 30 September 2011.
