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ANZ reports rising profits in Q1

Australia and New Zealand Banking Group Limited (ANZ) has reported its unaudited financial results for the first quarter of its financial year (the three months ended 31 December 2011).

Adjusted underlying quarterly profits came to $1.48bn, a rise of 4.6% quarter-on-quarter.

The firm also improved on its performance in Q1 2011, with a rise from the $1.4bn of the corresponding period last year.

The quarterly provision charge was $239m, significantly less than the $294m of the same period in 2011.

Chief Executive Officer Mike Smith described the firm’s quarterly results as solid, with strong performances in Asia, Europe and America (APEA), in Institutional and in New Zealand.

However, Smith did say that the international banking climate had become more challenging due to the economic and financial crisis in the eurozone.

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