Profit grew to $1,485 million, up 12%. This was achieved by good revenue growth, up 11% underpinned by investment and innovation to make services more accessible. The aim is to ensure ANZ is open 24/7 for our customers and that we continue to lead the major banks in customer satisfaction and staff engagement.
In 2008, a three–year program to open 80 new branches was completed; a further 209 ATMs were installed and 365 front line staff were added to serve customers. Further investments were made in internet and mobile services with the relaunch of anz.com, the introduction of mobile phone banking and internet banking for the Apple iPhone*. We also completed the successful integration of Etrade Australia.
The result is that Personal has grown its customer base by approximately 1 million customers since 2006 and key products such as deposits have grown significantly above average.
Cost growth was contained at 2% in the second half reflecting strong cost disciplines throughout the Division. Lean Six Sigma techniques were used in 100 projects to deliver $60 million in annual benefits. Expanding the use of ANZ’s technology and operations centre in Bangalore allowed the Division to absorb increases in volumes without additional cost and freed up resources to invest in growth.
The significant opportunity ahead is to manage the Division tightly through the economic cycle, and to invest and innovate to expand ANZ’s relationships with its 4 million customers.
