ANZ lifted its institutional lending to customers by 10 per cent in the year to September 30, in a further sign the bank is dedicated to assisting customers where it matters most - growing their business and helping them expand into new markets.
As part of its annual profit announcement, ANZ Institutional said its total lending increased to $A165 billion during the year, $A15 billion higher than the previous corresponding period.
Institutional lending saw its biggest growth in the financial institution, property and resources & energy industries, showcasing the bank’s ongoing commitment to these growing and important sectors.
ANZ CEO Shayne Elliott told ANZ bluenotes on the morning of the announcement the bank was pleased with the Institutional result.
“Because of the hard work we’ve done [in Institutional] in terms of productivity and getting the capital efficiency right, that business is really doing well,” he said.
ANZ’s institutional arm posted a full-year cash profit of $A1.85 billion in, a rise of 11 per cent on the same period in 2018. The result helped buoy a $A6.47 billion cash profit in the broader group, a flat result year on year.
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ANZ Institutional said the bank had migrated more than 60,000 of its customers onto a new self-service platform in 2019, providing an improved, streamlines experience which provides access to all transaction accounts, payments and foreign exchange in one place.
The group also committed to improving its technology processes in the full year, using machine learning and automation to reduce the time taken to review and analyse customer information.