$1.7 billion profit for ANZ

  • 29/10/2015
$1.7 billion profit for ANZ

By Jonathan Underhill

The nation's biggest lender, ANZ Bank New Zealand, has lifted its full-year cash profit to $1.69 billion.

It rose 0.3 percent in the year ended September 30, from $1.68b a year earlier, the bank said. Net interest income rose to $2.88b from $2.77b.

The local unit of Australia & New Zealand Banking Group, lifted annual lending by 8 percent, driven by home and business loan growth, leaving it as the biggest mortgage lender in the nation's largest cities.

Figures provided in the parent company's results for the local banking division show net loans and advances in New Zealand rose to $104.76b from $96.56b.

"We maintained our momentum from the first half and have continued to grow our market share in key products including home loans, business lending, KiwiSaver membership, credit cards and deposits," said chief executive David Hisco.

ANZ New Zealand's results show a 9 percent gain in earnings from retail operations to $734m and a 5 percent decline in commercial to $478m. However the numbers have been adjusted to account for the business banking segments being moved to retail from commercial.

Net profit, which includes changes in the value of hedges and insurance policy assets, rose 4 percent to $1.77b.

Parent cash profit rose 1 percent to a record NZ$7.65b