Economy

ANZ profit rises 11% in full year, Wesfarmers chief says election outcome will boost economy: Midday Roundup

Patrick Stafford /

ANZ has reported a full-year profit increase of 11% this morning, sending the company’s shares up 3%.

ANZ said the bank made a profit of $4.7 billion, with statutory profit up 7% to $4.7 billion. Revenue increased by 5% during the same period, while expenses dropped by 0.5%.

Chief executive Mike Smith said the company had progress with the super-regional strategy, and had produced consistent revenue growth.

“Overall, ANZ’s performance remains in line with the expectations we had at the end of 2012, with full-year revenue growth slower than last year and ongoing productivity improvements providing positive revenue-cost jaws,” Smith said.

“This is allowing us to continue to invest in our growth strategy for the longer term while also improving shareholder returns in the near term.”

Wesfarmers chief: Election to help boost economy

Wesfarmers chief executive Richard Goyder has said the outcome of the upcoming federal election will help the economy.

“For the country, the best thing that can happen in government – either federal, state and in some ways local – is leadership which is long term, which is fiscally responsible, where there’s an acknowledgement that the wealth creators in the economy are the businesses,” he said, according to The Australian.

The publication also said lower interest rates will help the current economic situation.

“I just hope that towards the end of the year we start to see some improvement in consumer confidence, but who knows? A lot will depend on the external environment, I think, beyond Australia.”

Duet Group profit falls by 88%

The Duet Group has announced a profit decline of 88% for the full year, although said the current corporate restructure would result in a positive 2014.

The company recorded a profit decline of 88% to $5.8 million, although the business was hit by a $30.3 million tax charge.

Net profit after tax was $19.6 million, down 55% on the previous year.

Shares fall on weak offshore leads

The Australian sharemarket has fallen this morning after weak leads from offshore markets.

The benchmark S&P/ASX200 index was down 42 points or 0.8% to 5110 at 11.40 AEST, while in the United States the Dow Jones Industrial Average dropped 225 points or 1.5% to 15,112.

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Patrick Stafford

Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.

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