ANZ’s struggle to turn around its housing business is not necessarily a bad thing, according to CEO Shayne Elliott, who says it is a good time to have a portfolio of businesses.
ANZ Banking Group chief executive Shayne Elliott is quick to highlight the positives in the bank’s latest half year results, including the New Zealand business, the institutional bank and another $1.5 billion in capital returned to shareholders through a buyback.
The standout niche performance was ANZ’s international payment processing on behalf of other banks, which is now generating revenue of $150 million a year, has market share of 60 per cent, and return on equity of more than 40 per cent.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
