ANZ reports $968m half-year profit

ANZ says the housing market has helped propel it to a cash profit of $968 million in the six months to March 31, a 1% increase on the same time last year.

Its statutory profit, which includes gains and losses from economic hedges, lifted 18% to $1.06 billion.

Chief executive Antonia Watson said it was a solid result that reflected strength in the housing market, despite headwinds.

‘‘Spring and summer are the busiest time for the housing market, and while property values have fallen 4.1% since the November peak, they are still a good deal higher than they were a year ago.’’

She said while falling house prices were a concern for the bank on behalf of people who owned houses, the bank was well-placed to cope.

Borrowers had good levels of equity. For ANZ, 94% of customers had at least 20% equity in their properties.