ANZ Q3 underlying net up 9 per cent

Led by former HSBC Asia head Michael Smith,ANZ has invested 9 billion of its capital in Asia,attempting to model itself as regional bank rivaling HSBC and Standard Chartered . It aims to have its Asian businesses contributing up to 30 per cent of group profits by 2017.

ANZ posted third-quarter underlying profit of A1.53 billion based on Reuters calculation. The numbers put it on course for a third straight record full-year profit.

8220;We continue to see growth opportunities in the business from ongoing good performance in international and institutional banking while also focusing on driving greater cost and capital efficiency across the group8221;,Smith said in a statement.

Underlying profit excludes one-offs,non-cash accounting items and investment gains or losses.

ANZ said group margins,a measure of core profitability,was broadly stable and it expected costs rises to match revenue growth for the year.

It has frozen the salary of its top executives and announced plans to cut 1,000 jobs this year as part of plan to protect profits.

The bank said core tier I capital,a measure of the bank8217;s ability to absorb losses,under the local regulators BASEL III implementation plan was 7.8 per cent,unchanged from the first half.

ANZ shares have risen 16.4 per cent so far this year,making it the second-best performer among the major Australian banks.