ANZ celebrates being out of advice

ANZ has cited exiting financial planning and advice among the factors which have helped it restore some profit momentum with the company announcing a 16% increase in full-year statutory net profit of $7.119 billion.

It said cash profit from continuing operations was up 5% to $6.515 billion.

The company is proposing to pay a fully franked dividend of 72 cents per share.

ANZ chief executive, Shayne Elliott reference restored momentum in Australian home loans with application approval times back in line with peers, together with the continued de-risking of the group with the sale of its margin lending business, formal separation of its wealth business and exiting financial planning and advice.

“This was a strong financial result with all divisions making a material contribution and demonstrating the benefits of a diversified portfolio,” Elliott said.

The ANZ chief executive said that with the exit of financial planning and advice as well as the associated remediation being a the very final stage, “we are the only major bank in Australia to have removed the risks associated with wealth management for shareholders”.

The bulk of ANZ’s wealth business is now owned by Insignia Financial