ANZ recorded a $4.5bn unaudited, underlying profit in the nine months leading to June, putting it second in the Big Four behind CBA.

CEO Mike Smith said increased activity in Asia contributed to the robust figures. ANZ has been aggressively pushing into the region in the past 6 months.

ANZ’s underlying profit was up 5.5% from last year, while its unaudited statutory profit after tax rose 10.3% from the same period.

The results from its loan sector were also positive, with a report net interest margin of 270 basis points.

On Tuesday, rival CBA posted record $7.1bn profits, which has sparked both incredulity and hope of a recovery amongst industry analysts.

Given the above one asks the question, how can the banks justify not passing on the full rate reduction of the recent Reserve Bank interest rate drops. One must think there is a bit of greed at the expense of their customers.

To discuss this topic with John, please contact him on 0749722081 or 0410433919. You can also email him at jwhitten@ihl.net.au or look him up on the net www.ihl.net.au. John Whitten is a credit representative (CRN 399796) of BLASSA Pty Ltd (Australian Credit Licence No 391237).