17 Aug 2012

ANZ Q3 profit up

12:49 pm on 17 August 2012

ANZ Bank's third quarter profit has rise 9%, as Australia's fourth largest lender says it's gaining market share on both sides of the Tasman.

After tax profit for the nine months to the end of June rose more than 10 per cent per cent to $A4.4 billion.

The total number of bad or impaired loans also fell more than 12% over the period.

In New Zealand, ANZ says it captured more of the retail market, with its loan book growing 1.4% in the nine months to June, and deposits increasing 7%.

Chief executive Mike Smith says confidence appears to be improving here and believes the bank can increase its market share further.

ANZ's results show its plans to expand in Asia are slowly bearing fruit.

It's invested $A9 billion in Asia, attempting to model itself as a regional bank rivaling HSBC and Standard Chartered. It aims to see Asian businesses contributing up to 30% of group profits by 2017.