ANZ three-month profit rises 27%, provisions drop

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SYDNEY (MarketWatch) -- Australia & New Zealand Banking Group Ltd. said Friday that its underlying net profit for the three months to Dec. 31 rose 27% to 1.4 billion Australian dollars ($1.4 billion). Profit before provisions climbed 7% to A$2.3 billion. The firm said that continued strength in the Australian dollar meant that income, at $4.2 billion, increased by more than 2% when adjusted for foreign exchange movements, compared to the previous quarter. The firm said that its provision charge fell 48% compared to the year-ago period, to A$294 million. "We are continuing to achieve good underlying momentum in our core businesses," said CEO Mike Smith.

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