ANZ flags robust lending growth in December quarter
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The news: Banking major ANZ has reported a steady December quarter amid robust retail and commercial lending growth and a good start for its markets business.
The numbers: Australia's fourth-largest bank said first-quarter group revenue was in line with the $5.26 billion quarterly average for the first half last year. Revenue at the institutional business’ markets division was better than the first half quarterly average last year.
The bank said it increased total provisions by $53 million in the quarter, with $27 million due to an individual provision charge and another $26 million for collective provisions. Total provisions now stand at $4.03 billion.
The context: The bank did not disclose profit or revenue figures for the quarter. It said lending growth remains robust across the Australian retail and commercial franchise. The bank noted it was continuing to grow its home loan book profitably despite a competitive market.
Lending growth has come on the back of deposits growth, which lifted by $8 billion in the quarter. ANZ said it expects term funding needs will be $30 billion to $35 billion for the 2024 financial year.
The source: ASX announcement
