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ANZ reports 12% growth in H1 revenues

Australia and New Zealand Banking Group has reported revenues of A$6 billion for the half-year ended March 31, 2008, up 12% compared to revenues posted during the corresponding period in 2007.

Growth in profit before provisions reflected high revenue growth despite the impact of materially higher funding costs. Net interest income for the period improved 5% to A$3.78 billion. Profit after tax was A$1.96 billion, down 7% compared to the same period in 2007.

Total assets as of March 31, 2008 increased 25% to A$438.35 billion from total assets as of March 31, 2007.

Mike Smith, CEO of Australia and New Zealand Banking Group (ANZ), said: The market is currently characterized by wider credit spreads, tightened liquidity conditions and a general weakening in the economic environment.

While ANZ has been less affected than most of our global peers, we have seen a sharp increase in credit costs. We have been warning for some time that they must increase from unsustainably low levels. However some issues are specific to ANZ, and we are looking closely at our portfolio to ensure our exposures are carefully managed.