Banking giant ANZ on Friday posted a first-quarter net profit of Aus$1.7 billion (US $1.8 billion) just days after announcing some 1,000 jobs will be axed due to tougher global conditions. The Australia and New Zealand Banking Group did not provide a year-earlier comparison figure, but said its unaudited underlying profit of Aus$1.48 billion was 4.1 percent higher than in the previous corresponding period.
"Our performance in the first quarter has been solid with good results in Asia-Pacific, Europe and America, in institutional and in New Zealand offset by continued margin pressure in Australia," chief executive Mike Smith said. "The global markets business is recovering after a very difficult trading environment in the fourth quarter of 2011. ANZ, the country's third-largest bank by market value, added that bank funding costs continued to rise as the deepening economic and financial crisis in Europe caused dislocation and volatility in global markets.
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