February 14, 2013 / 8:47 PM / 5 years ago

ANZ Q1 profit up 6.2 pct on strong global markets, retail banking

SYDNEY, Feb 15(Reuters) - Australia and New Zealand Banking Corp, the country’s fourth-largest bank, posted a 6.2 percent rise in first quarter earnings on Friday, boosted by strong global markets and Australian retail banking.

ANZ, which aims to earn nearly a third of its annual profit in Asia by 2017 as Australian growth slows, reported cash profit of A$1.53 billion ($1.58 billion), compared with A$1.49 billion a year ago.

ANZ said that “reasonable” revenue volume growth in Asia was offset by margin pressure in New Zealand and in its international and institutional banking division.

Analysts forecasts were not available as the update was the first time ANZ has reported cash profit, in line with its peers. It previously reported underlying profit.

$1 = 0.9655 Australian dollars Reporting By Jane Wardell; Editing by Lincoln Feast

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