ANZ is bracing itself for more variability - on the back of a lift in economic activity. 

The bank's posted a $1.2billion half year net profit - a 2% increase on the 6 months prior. 

It also saw a 2% rise in loans, and a 4% rise in deposits. 

But Chief Executive Antonia Watson says there's a lot of uncertainty ahead, with conflict in the Middle East tanking business and consumer confidence. 

She says some customers will be impacted more than others depending on fuel usage. 

Watson says we're already seeing some customers cutting back on discretionary spending due to prices at the pump, which isn't good for businesses like retail. 

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