The headline data from ANZ shows that the bank had a strong start to FY 2017. However, the pick-up in property and trading income are going to be difficult to replicate into H2 2017.
ANZ delivered around $2 billion in cash profit, which was well above the street’s expectations of $1.7 billion. The higher numbers were underpinned by strong trading income and a $283 million bad debt charge versus an expected $446 million charge.
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We note that historically ANZ has had higher Q2 bad debt charges compared to Q1
We would expect price resistance to emerge at or around the January 9th high of $31.80.
