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IG Markets – ANZ Thoughts 28 October 2010
IG Markets – ANZ Thoughts 28 October
2010
IG Markets – ANZ
Thoughts
28 October
2010
At first glance, ANZ’s 2010 full
year result looks to be better-than-expected. FY cash profit
came in at $5.13 billion, some 5.1% higher than the $4.88
billion analysts had been forecasting. The final dividend
was also stronger, coming in at 74c versus expectations of
68c. Net interest margin expanded by 16 basis points to
2.46%. This compares very favourably to National Australia
Bank’s result yesterday where their net interest margin
rose 9 basis points to 2.25%.
Overall, it looks to be an
impressive result. Many had been expecting ANZ to be the
outperformer and it looks like they have delivered. CEO Mike
Smith said the group had momentum in all areas. The outlook
was fairly upbeat too, with Mr Smith saying they were well
positioned for a good start to 2011, although the global
economic backdrop continues to remain uncertain.
ENDS
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