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MELBOURNE - ANZ Banking Group chief executive John McFarlane said the bank had experienced its strongest revenue growth in its history.
"The task is to continue that for the rest of the year and underpin that for the years ahead by continuing to invest," Mr McFarlane said.
In a trading update to the market this morning, ANZ said in the four months to January 31, revenue growth was towards the upper end of its target range of seven to 10 per cent.
"We feel well placed that we are going to deliver on commitments to shareholders in 2007 and over the longer run," Mr McFarlane said.
Mr McFarlane listed internal priorities for the bank in the years ahead including eliminating duplications across the group, cutting business-as-usual costs and shifting more work offshore.
"We are taking advantage of lower cost locations, such as Bangalore, and we want to keep that going," Mr McFarlane said.
He also said the bank would continue to invest in South-East Asia where it has partnerships in countries such as Cambodia, Vietnam and Laos.
"We need to expand our franchise quite aggressively there because we believe if we don't do so now then the private partners won't be available to us in the future given the growth of Asia and the interest it is attracting from other competitors."
He said ANZ wanted to keep the momentum going in Asia, growing with its partners but also finding new opportunities there.
By 1055 AEDT, ANZ shares had slipped five cents to A$29.13 ($33.40).
- AAP
