ANZ Financial Performance Overview
SECTION 4
Expense growth well controlled
Higher
software
$m
JV impact
amortisation
(42)
43
Expense growth was relatively flat, with
discretionary cost growth minimised due to
lower revenue growth.
•
•
Personnel costs up 2%, reflecting growth
in staff numbers of 3% (increase
occurred largely towards the end of the
period).
Overall FX impact on expenses
immaterial at $1m, with fall in USD
denominated expenses netting off
against a rise in NZD denominated
expenses.
Higher software amortisation charges
are coming through as further projects
reach implementation stage.
Cost management will continue to be a
core discipline at ANZ. We will seek to
maintain cost growth below income
growth and increase re-investment in
the business
3153
Underlying
growth
$m
74
3228
Sep-02
Sep-03
28
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