Along with the other major banks of Australia, Australia and New Zealand Banking Group Limited [ASX:ANZ] have had a rough first half of 2018.
First, the royal commission came down on them, soon after they were caught out on the Cartel scandal.
But somehow, after everything they’ve been through, the banking giants have bumped up its share value over the past week.
So how did ANZ ensure a 2.11% share growth during the eve of their struggle?
ANZ are still bumping up its divisions while pushing through sales targets
Throughout the year, ANZ have managed to stay in line with their strategic priorities.
While aiming to reduce operating costs and risk, they have removed inconvenient complications that could potentially arise.
Recently ANZ have completed the sale of six retail businesses located in the Asian region.
This sale has enhanced their portfolio, while pushing its finances into a more stable position.
Its Australian life insurance business was also successfully sold.
While completing sales of its businesses across various sectors, ANZ have also emphasised technical innovation.
Recently, ANZ have released a new banking app which is rated highly in the Australian Apple Store.
The application attracts 15,000 new users a day, racking up an impressive 937,000 active users since its launch in February this year.
What else ensures its growth?
Asset sales have pushed through an improved capital and dividend, enabling ANZ to acquire a healthy financial balance.
On its half year results, ANZ reported:
‘The completion of further asset sales and associated re-insurance arrangements for One Path Life should provide ANZ with flexibility to consider further capital management initiatives in the future. These will only be undertaken if capital is available to support growth and subject to business conditions and regulatory approval after the receipt of the relevant proceeds.’
Despite its positive figures in sales and branding, dealings with the royal commission still are yet to be concluded.
ANZ have stated that the royal commission will release its final report by 1 February 2019.
For Money Morning
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