Company News Summary
Australia & New Zealand Banking Group Provides Trading Update
Original announcement: ANZ Trading Update - 3 Months to 31 December 2016
Australia & New Zealand Banking Group provided trading update. The Statutory net profit $1.6bn up 8%. Since the start of FY2017, it has signed agreements to sell its 20% stake in Shanghai Rural Commercial Bank (SRCB), the UDC Finance business in NZ and its Retail and Wealth businesses in five Asian countries. The transactions are expected to complete in the second half of FY2017 and 1H2018 subject to regulatory approvals 3 For the purposes of comparison, if the earnings from the businesses being sold were to be excluded from Cash Profit performance for 1Q17 it would show an increase of 33%.
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