insto - Australian financial markets

Crises create challenges, but also opportunities, and Insto’s 2009 Banker of the Year Mike Smith has made the most of finding opportunities in turbulent times and positioning his institution for exciting growth.

ANZ’s 16 percent increase in underlying profit for the four months to the end of January completes the reporting season for the Big Four banks, with the Melbourne-based lender posting a A$1.6 billion profit for the period.

ANZ’s revenues were up 8 percent year on year, and – perhaps more importantly – an improvement in margins drove the resulg. Provisions for bad loans were down 9 percent to A$670 million.

“The outlook for the economies of Australia, NZ and Asia is significantly more positive than at the same point in 2009,” ANZ chief executive Mike Smith said.