Interpac Business and Migration Solutions Melbourne Australia

（February 20,2012)

CHALLENGER is banking on 20 years of baby-boomer retirement to boost its sales of annuities, after reporting a $20 million half-year profit.

The profit was down 83 per cent due to a blowout in credit spreads that cut the value of the group’s fixed-income investments.
（source：theaustralian）

(February 17,2012)

ANZ has reported a first quarter profit rise to $1.48 billion, days after raising interest rates and axing 1000 jobs.

ANZ said the profit was due to good results in its offshore operations, but that margin pressures continued in Australia.

The bank said its unaudited underlying profit for the three months to December 31 was $1.48 billion, which is up from $1.4 billion in the previous corresponding period.

Unaudited net profit for the first quarter was $1.7 billion.

On Monday ANZ announced it would axe 1000 jobs from its 24,000-strong Australian workforce by September.

It told staff another 492 jobs would go in the latest round of cuts, after announcing in January it would axe 133 positions.

The bank last week raised its standard variable mortgage rate by 0.06 percentage points to 7.36 per cent, three days after the RBA unexpectedly kept its cash rate on hold.

"Our performance in the first quarter has been solid with good results in Asia Pacific, Europe and America (APEA), in Institutional and in New Zealand offset by continued margin pressure in Australia," chief executive Mike Smith said in a statement today.

"The global markets business is recovering after a very difficult trading environment in the fourth quarter of 2011.

"Although our business in Australia is tracking reasonably at present, we have to continue adapting our business model to changes in the domestic and international environment, particularly in retail and wealth."

Mr Smith said bank funding costs continue to rise, as the deepening economic and financial crisis in Europe causes dislocation and volatility in global markets.

But he said prospects are brighter in the United States.

"There will not be a return to the level of credit growth that banks experienced pre-crisis for the foreseeable future, particularly in our major domestic markets in Australia and in New Zealand, as consumers reduce their gearing and businesses pace investments," Mr Smith said.

New regulation around capital requirements is also increasing costs for banks, he said.

Mr Smith also defended ANZ's recent interest rate rise and job cuts.

He said it was important for ANZ's customers, staff and the community that banks are well run and financially safe.

"Our recent decisions on interest rates for customers in Australia and on how many people we employ at ANZ reflects a need to transform our business in new and often painful ways," Mr Smith said.

ANZ's lending grew by two per cent in the three months to December, in line with customer deposit growth.

Revenue was up by about five per cent to $4.3 billion, with improved trading income from its global markets division partly offset by higher deposit and wholesale funding costs, ANZ said.

Costs were up three per cent as the bank implements changes to its Australian division.
（source：news.com.au)