INSIGHT
ANZ Institutional steps up for customers in FY20
ANZ has again showed its support for institutional customers through tough times with the announcement of its full-year 2020 results.
Speaking on an investor call after the announcement of the result, ANZ Chief Financial Officer Michelle Jablko said the bank had increased lending significantly in the early days of the COVID-19 pandemic.
“We supported strong demand from our Institutional customers when they needed us,” she said.
In the first half of the year, ANZ Institutional core lending rose $A16 billion as the bank supported customers in the early parts of the crisis. In the second half, core lending fell by $A17 billion, as global liquidity conditions improved and many customers paid down loans.
ANZ CEO Shayne Elliott said the institutional arm of the bank had performed well despite high levels of liquidity, low interest rates and geopolitical tension.
“As Australia’s leading international bank, we remain well positioned to assist customers as the global economy improves,” he said in a media statement.
ANZ’s institutional arm posted a full-year cash profit of $A1.93 billion in, a rise of 4 per cent on the same period in 2019. The broader bank posted a full-year cash profit of $A3.76 billion.
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