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BRIEF-Australia and New Zealand Banking Group qtrly cash profit up 31 pct
February 16, 2017 / 9:02 PM / 8 months ago

BRIEF-Australia and New Zealand Banking Group qtrly cash profit up 31 pct

Feb 17 (Reuters) - Australia and New Zealand Banking Group Ltd :

* Qtrly cash profit of $2.0 billion up 31%

* Q1 statutory net profit $1.6 billion up 8%

* APRA common equity tier 1 (cet1) ratio was 9.5% at 31 December

* Qtrly net interest margin (NIM) declined several basis points (bps) reflecting lower earnings on capital and higher funding costs

* Q1 saw a positive start to year

* Qtrly markets income of $706 million

* “Outlook on provisions is also a little more positive.”

* Total provision charge was $283 million with individual provision (ip) charge $325 million for quarter

* “Still a great deal to do to sustain progress in a low growth environment”

* Credit environment is marginally better than we expected at time of our 2016 full year result

* “Initiatives including applepay, androidpay driving ongoing net customer acquisition gains in australian retail transaction banking”

* Provision charge in 2017 to remain broadly same as a percentage of gross lending assets Source text for Eikon: Further company coverage:

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