ANZ has lifted its first half cash profit 11 per cent following solid growth across its divisions. Source: AAP
ANZ chief executive Mike Smith has attacked the current and former federal governments while slamming a proposed tax hike to cut the budget deficit.
Speaking while unveiling the bank's record $3.5 billion half year profit, he said the Abbott government's so-called deficit tax would upset Australians and damage fragile business confidence.
He also blamed the previous Labor government for inflicting deep wounds to business confidence and said the sector was taking longer to recover than expected.
Treasurer Joe Hockey is yet to confirm the new tax but said on Thursday the budget had to be made "fit for the future" as the commission of audit's $70 billion in proposed public savings were released.
Mr Smith said while he thought the overall economy was in good shape there was excessive caution among businesses.
"It is a worry with some of these suggestions around increasing tax, that is quite clearly not going to stimulate that confidence," he told reporters.
"If you are trying to encourage an entrepreneurial society and trying to encourage successful small businesses, the last thing you should be doing is taxing them more."
Such reforms were band-aid solutions, when the budget focus should include structural reforms that tackle "cost problems" for businesses, Mr Smith said.
ANZ's profit rose 11 per cent in the six months to March 31 from a year ago and was slightly higher than expected.
The nation's fourth largest lender also increased its fully franked interim dividend by 10 cents to 83 cents a share, beating market expectations.
ANZ shares opened higher but closed 40 cents, or 1.2 per cent, lower at $34.07.
That was attributed by investors to a run in the banks' share price of late and a lack of upside surprises in the result.
Caution in the business community along with low interest rates translated to the bank's lowest bad debt provisions since 2008, with less cases of borrowers unable to meet mortgage repayments.
The bank achieved loan growth of 12 per cent, customer deposits of 13 per cent and 110,000 net new customers were added.
The bank's Asian push was regarded as underpinning the improved profit result, with ANZ having hit a target for the region to contribute 25 per cent of profits - three years earlier than the aim of 2017.
"What is particularly pleasing is the diversification this strategy provides is delivering a better bank for customers, and indeed a better bank for shareholders," Mr Smith said.
Morningstar analyst David Ellis said the increasing income out of Asia also reduced the bank's exposure to the low margins of Australia's competitive low interest rate environment.
Anda sedang membaca artikel tentang
ANZ shares fall despite record profit
Dengan url
http://mesinjahitan.blogspot.com/2014/05/anz-shares-fall-despite-record-profit.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
ANZ shares fall despite record profit
namun jangan lupa untuk meletakkan link
ANZ shares fall despite record profit
sebagai sumbernya
0 komentar:
Posting Komentar