First, ANZ:
Australia and New Zealand Banking Group has delivered a $1.049 billion or 18 per cent rise in net profit to $6.938 billion, in line with expectations of $6.949 billion as bank’s leaner business model continues to evolve.
…Mr Elliott conceded revenue growth was a challenge at this point in the economic cycle as it battled traditional rivals and emerging challengers.
“The reality is, it is hard out there you know. It’s a competitive market, we’ve got our traditional competitors, we’ve got new competitors, consumers are really voting with thier feet – and good on them, that’s what they should be doing.”
Net interest margin at the bank, the difference between their cost of funds and the price they lend money at, was down two basis points from half-to-half at 1.98 basis points. Year on-year NIM was down 8bps to 199bps.
Second, QAN:
Qantas says it expects tough trading conditions in the second half of fiscal 18 after it booked a 5 per cent increase in first-quarter total group revenue to $4.2bn.
Domestic revenue rose 8 per cent compared to the previous first quarter, backed by a relative pick-up in domestic travel on a stabilising resource market, according to the company.
Qantas expects underlying net profit after tax in the first half to come in a range between $900-$950 million, up from $852m in the period a year prior, while warning predicted 2-3 per cent domestic group capacity growth in first-half is expected to moderate to 1 per cent by the second.
Nothing dire but soggy certainly.
