Australia and New Zealand Banking Group announced an 18% rise in full-year cash profit to A$6.938bn on Thursday, but warned it was becoming more challenging to deliver revenue growth.
The shares, however, fell after a rather disappointing outlook in which chief executive Shayne Elliot said revenues were expected to be constrained next year due to competition, regulatory pressure and tax issues.
- Cash profit rises 18% to A$6.938bn
- Profit before credit impairment tax up 9% at A$11.041bn
- Earnings per share up 17% at 237.1 cents
- Return on equity rises by 159 basis points to 11.9%
- Net interest margin falls 8 basis points to 1.99%
- Final dividend of 80 cents per share
ANZ chief executive Shayne Elliott said : “This is a good result which demonstrates further progress in becoming a better balanced, better capitalised, more efficient bank."
On the 2018 outlook, he said: "“In 2018 we expect the revenue growth environment for banking will continue to be constrained as a result of intense competition and the effect of regulation including a full year of impact of the Australian bank tax.