ANZ) share price

The Australia and New Zealand Banking Group Ltd (ASX:ANZ) share price is out of action today but that didn't stop the bank from releasing a third quarter ...

In addition, ANZ continues to invest in the business at record levels, with investment expense expected to be slightly higher in the second half as it finalises its compliance with BS11 in New Zealand. This was largely driven by the impact of rising rates, partly offset by intense price competition in the home lending portfolios in Australia and New Zealand. Also catching the eye was ANZ’s continued low level of individual provisions. This means the bank is now in line with major peers for key customer segments. Pleasingly, with interest rates projected to increase further in the coming months, management expects this to be supportive for margins in the fourth quarter. Lending volumes grew $2.0 billion (3% annualised) in the third quarter, with particularly strong growth in June. In light of this, ANZ remains on track to grow in line with the Australian major banks before the end of the financial year and is delivering growth with an eye to maintaining margin performance and credit quality.