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BRIEF-ANZ Says Tough Retail Banking Environment Will Be A Reality For Foreseeable Future

Published 01/05/2019, 08:00 am
© Reuters.  BRIEF-ANZ Says Tough Retail Banking Environment Will Be A Reality For Foreseeable Future
ANZ
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May 1 (Reuters) - Australia and New Zealand Banking Group Ltd ANZ.AX :

* TOUGH RETAIL BANKING ENVIRONMENT WILL BE A REALITY FOR FORESEEABLE FUTURE

* WHILE PERFORMANCE THIS HALF WAS SOLID, THERE ARE HEADWINDS FACING SECTOR AND WE ARE TAKING APPROPRIATE ACTION

* MAJOR CONCERN IN NEW ZEALAND REMAINS IMPACT OF PROPOSED CAPITAL CHANGES ON BROADER ECONOMY

* RETAIL BANKING IN AUSTRALIA TO REMAIN UNDER PRESSURE FOR FORESEEABLE FUTURE

* IS IN BETTER POSITION TO MANAGE ANY CHANGE IN NZ CAPITAL PROPOSAL GIVEN TRANSFORMATION & NUMBER OF OPTIONS AVAILABLE IF CIRCUMSTANCES REQUIRE

* INSTITUTIONAL BANKING PERFORMING WELL & POSITIONED FOR POSITIVE EARNINGS DIVERSIFICATION, WHICH WILL PARTIALLY OFFSET HEADWINDS IN OTHER PARTS

* NZ PERFORMING WELL BUT STARTING TO SHOW SIMILAR CHARACTERISTICS WITH AUSTRALIAN MARKET DUE TO STRONG COMPETITION& SLOWING AUCKLAND HOUSING MARKET

* AUSTRALIA RETAIL BANKING TO FACE SUBDUED CREDIT GROWTH, INTENSE COMPETITION & INCREASED COMPLIANCE COSTS IMPACTING EARNINGS IN FORESEEABLE FUTURE

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