“India eclipsed China’s GDP growth in 2021 and 2022 and is likely to do so again in both 2023 and 2024”It’s clear India has been rising for some time; its share of world gross domestic product has more than tripled since 1992. India eclipsed China’s GDP growth in 2021 and 2022 and is likely to do so again in both 2023 and 2024. In fact, relative demographic trends suggest China’s growth exceeding India’s is likely to be the exception rather than the norm. After a decade without new trade agreements with any large economy, India signed agreements with the UAE and Australia in 2022. For India, progress on non-performing loans during the pandemic is likely to improve the provision of credit to the economy.
Our customers are in a strong position and our portfolio has continued to shift towards lower risk exposures. And with the economic risks of COVID-19 receding, the overlay we’d set aside is no longer required. In total, these tailwinds amount to a reduction in provision balance of $888 million. Taken together, our allowances for these future headwinds amount to an increase in provision balance of $948 million (before foreign exchange affects). While the total provision balance was marginally higher, the composition has evolved to ensure it remains appropriate for a volatile environment with a collective provision balance of $3.85 billion.4 months ago ANZ bluenotes
The business grew net lending assets by 4 per cent with solid lending growth in specialist segments including agribusiness and health. Planning is now underway to expand GoBiz to a broader set of Commercial customers and lending products including business credit cards and broker originated lending. As a result, we’ve seen a material reduction in the average credit decision timeframes for small business customers. This is especially important in a market with accelerating take-up of digital payments technology and an increasing shift to electronic payments, including payments made online and using mobile devices. We’re proud of Commercial Australia’s performance and the progress we’ve made in building a digital and data driven business.4 months ago ANZ bluenotes
Initially the bank’s transformation focused on the Institutional and New Zealand businesses which were now performing well, Elliott said, and the time was right to focus on Commercial. The division supports about 650,000 small businesses – everything from sole traders to mid-size corporates in sectors like manufacturing, agriculture or health care. “Many of these customers are trading businesses that are traditionally “asset-heavy businesses, so they don't tend to borrow a lot,” Elliott said. As a result of that, we get a lot of their deposits and for every dollar of deposits we get in that sector, we lend back about 50 cents back to help our small businesses grow. “We need to be able to hire the very best technology people, apply the very best technology.4 months ago ANZ bluenotes