Asia lower risk for ANZ
Seven out of 13 countries in Asia were now making more than A$100 million in revenue for ANZ, the bank said at the outset of what may prove a chirpy regional tour for the investment set. ANZ said it increased the number of large corporate customers it counts from 1800 to 4000 since 2009."We have built a super-regional bank in Asia which today is earning above its cost of capital," Andrew Géczy, CEO for international and institutional banking wrote in the bank's Blue Notes title."Asia is continuing to grow strongly as a proportion of divisional NPAT even during the past year," he said.Asia accounts for 36 per cent of ANZ earnings at the 2014 half-year , he said, "and we are driving improved divisional return on equity.""Despite our growth in Asia we have maintained a self-funded, highly liquid, low-risk balance sheet with room for strong asset growth," Géczy wrote in a scorecard written ten months after starting work at the bank."Our customer base in the region are predominantly multinationals and regional companies and so the credit quality of our Asia book is as good or better than Australia with lower levels of default."