ANZ joins Westpac, NAB to warn on post-Trump volatility

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ANZ joins Westpac, NAB to warn on post-Trump volatility

Australia’s fourth-largest bank says it’s well placed to navigate ongoing volatility in the global market and economy after boosting its earnings by 12 per cent.

ANZ posted a rise in first-half cash profit to $3.6 billion on the back of a five per cent jump in revenue to almost $11 billion, from the previous corresponding *******.

Outgoing chief executive Shayne Elliott played up the result, which in percentage terms has topped its rivals Westpac and National Australia Bank.

“As I hand over to our incoming CEO Nuno Matos, the bank is well placed for the future,” he said on Thursday.

“Our strong balance sheet, along with our diversified portfolio, leaves the bank well placed to navigate ongoing volatility.”

ANZ’s results for the first time included the earnings of Suncorp Bank, which it bought in July last year.

ANZ said it now has more than one million customers, with deposits of more than $20 billion.

But Mr Elliott stressed the “future of global conditions is uncertain and there will continue to be periods of increased volatility”.

His warning mimicked those made by the chief executives of Westpac and NAB earlier this week.

The uncertainty is being driven by the United States, after President Donald Trump imposed large tariffs on goods imports from countries around the world, including Australia, sparking threats of retaliation.

The unpredictable way the United States is managing its punitive tariffs regime has sparked warnings by major American investment banks about a US and subsequent global recession.

On Monday, Westpac posted a one per cent fall in first-half earnings to $3.3 billion. National Australia Bank delivered interim earnings of $3.6 billion, up one per cent, on Wednesday.

ANZ will pay its investors a first-half dividend of 83 cents per share, against 76 cents for Westpac and 85 cents for NAB.

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