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ANZ's chief financial officer Shayne Elliott says the bank can still achieve a challenging return-on-equity target despite difficult operating conditions in the first half.
"We’re not walking away from the goal, we know it’s achievable, we know it got harder and we know we’ve got some work to do. But we’re going to do it."
Shayne Elliott, Chief Financial Officer, ANZSpeaking after the bank reported a $3.7 billion interim cash profit, Elliott admitted the 16 per cent target would now be harder to achieve but the bank remained committed to the aspirational target.
“It's absolutely achievable," he told BlueNotes exclusively on video. “The real purpose when we set that target some time ago now was to reassure the market…we are not prepared at ANZ to sacrifice return to drive growth. We have to get that balance right."
The weakness in the Australian dollar has probably made the target “about 50 points harder", Elliott noted, while regulatory changes to capital holdings also had an effect.
“There's no doubt the 16 per cent target got a hell of a lot harder to achieve because of a couple of headwinds," he said.
“The point is, we're not walking away from the goal, we know it's achievable, we know it got harder and we know we've got some work to do. But we're going to do it."
He also touched on currency movements, capital generation and credit quality. Watch the video above to find out about more.
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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Elliott: 16pct ROE still the aspiration
2015-05-05
EDITOR'S PICKS
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ANZ CEO Mike Smith says the bank's super-regional strategy helped it weather challenging operating conditions, supporting what he described as a "well-balanced result".
2015-05-05 18:26