Australia and New Zealand Banking Group plans to achieve an annual profit growth of at least 10% from its retail banking business by 2010, the AAP has revealed.
The publication quoted Brian Hartzer, head of retail banking at Australia and New Zealand Banking Group (ANZ), as saying: We would describe that as an aspirational target.
In the mortgage and deposit sectors, the bank targets, respectively, 1% and 14% gains in market share by 2010, reported the AAP.
Although credit quality and overall provision rates were in good shape, Mr Hartzer stated, as cited by the AAP, that the bank needed to be aware of the uncertainty in the industry. With expenses close to A$20,000 per month for its mortgage division, the bank said that it was taking necessary measures to address the loss.
Cited by the AAP, Mr Hartzer said: One thing is to grow volume. Also we’ve looked at issues around discounting and so forth. There are also fees that we need to review.