2 Min Read
Feb 17 (Reuters) - Australia and New Zealand Banking Group Ltd :
* Qtrly cash profit of $2.0 billion up 31%
* Q1 statutory net profit $1.6 billion up 8%
* APRA common equity tier 1 (cet1) ratio was 9.5% at 31 December
* Qtrly net interest margin (NIM) declined several basis points (bps) reflecting lower earnings on capital and higher funding costs
* Q1 saw a positive start to year
* Qtrly markets income of $706 million
* "Outlook on provisions is also a little more positive."
* Total provision charge was $283 million with individual provision (ip) charge $325 million for quarter
* "Still a great deal to do to sustain progress in a low growth environment"
* Credit environment is marginally better than we expected at time of our 2016 full year result
* "Initiatives including applepay, androidpay driving ongoing net customer acquisition gains in australian retail transaction banking"
* Provision charge in 2017 to remain broadly same as a percentage of gross lending assets Source text for Eikon: Further company coverage: