ANZ's fine figures contast NAB's fire-sale
ANZ has posted massive profit figures, just a day after word that NAB may have to lose weight to stay healthy.
Australia and New Zealand Banking Group (ANZ) has reported a solid lift in full-year profit for fiscal 2014.
The big bank delivered a cash profit of $7.12 billion, an increase of 10 per cent on last year's figures.
ANZ says it is buoyant about new opportunities in the year ahead, but has warned that ever-more restrictive regulation of the financial sector will cost the economy.
Meanwhile, National Australia Bank (NAB) chief executive Andrew Thorburn is rumoured to be looking at a sale of bank's UK businesses, as he seeks to right lender’s fiscal ship.
Earlier this month, NAB announced $1.34 billion in write-downs across NAB, which some estimate will leave full-year profits at $5.2 billion, compared with $5.94 billion a year earlier.
The financial rumour-mill now expects Mr Thorburn to provide details on options for selling UK assets - the Yorkshire and Clydesdale bank - potentially through an initial public offering.
The bank has confirmed it is offloading its US business Great Western Bank in an initial public offering soon.
NAB has said nothing, as the bank is in a blackout period in the lead-up to reporting its results.