ANZ Bank’s six-month profits almost double as CEO advertises investment in automation

Image: Getty Images

The Australia and New Zealand Banking Group (ANZ) reported results for the first six months of the fiscal year and made a profit of A $ 2.9 billion, promoting its recovery from the effects of COVID-19.

This is a 45% improvement over A $ 1.5 billion posted in the first half of last year.

“Over the last five years, operations have been simplified, balance sheets have been strengthened, and the Group’s risk mitigation efforts have resulted in strong results for half of this: continuous economic recovery and customer experience. We are in a position to continue to support our actions. It’s tough. ” CEO Shayne Elliott told shareholders on Tuesday.

Bluebank’s operating income was A $ 8.3 billion, down A $ 123 million from the year-ago quarter. Labor costs fell by A $ 16 million, and banks said this was the result of their investment in digital capabilities and process automation.

ANZ Bank has completed six months with 38,555 full-time staff.

“Following the trends in the first quarter, all parts of the business were strong. Costs were down 2% and investment in new digital features that continued to increase productivity and improve customer performance increased. “Eliot added.

Banks spent A $ 785 million on technology in six months, an A $ 54 million less than in the first half of 2020.

According to banks, ANZ app users increased by 23% compared to the same period last year, and transactions also increased by 26% over the same period.

During the six months ending March 31, 2021, ANZ also launched the ability for new customers to open accounts through the ANZ app, contributing 5% (about 8,000) of new bank customers. ..

Banks also introduced the ability for customers to place a “gambling block” on their credit cards in March 2021, with more than 1,000 customers activating the service in the first month. Westpac announced a similar initiative earlier this month.

ANZ boasts some more “wins” during the reporting period, with small business customers using accounting software platforms applying for loans online and getting funding within 30-4 days. Said that it can be done. It also boasts that 42% of Australia’s total retail sales, including mortgages, are currently through digital channels.

ANZ said it has increased payments on the New Payments Platform of other banks by 115% compared to the same period in 2020, allowing customers to track cross-border payments via a digital platform. ..

“We feel that our environment is in a really good position and we have a lot of capital, in fact a record level of capital, a lot of liquidity, that is, customers who need it. It means that they have the ability to support. “, Elliott said. “And a truly resilient team of people with the right technology and tools to operate can do the right thing and pivot where it needs help.”

ANZ net income after tax for the 2020 fiscal year was A $ 3.58 billion, down 40% from A $ 5.95 billion in the previous year.

Blue bank details

ANZ Bank’s six-month profits almost double as CEO advertises investment in automation

Source link ANZ Bank’s six-month profits almost double as CEO advertises investment in automation

Back to top button