ANZ Bank profit drops 11 percent

ANZ Bank profit drops 11 percent

The ANZ Bank has released is half-year results, which show the cash profit from its New Zealand operations has dropped 11 percent to $751 million.

The bank says the result includes a one-off cost of $87 million associated with an accounting change. Once that is taken out, profit was down by 3 percent.

"We have maintained our momentum in a highly competitive market and are building a stronger, more efficient business while delivering on our vision to help Kiwis get ahead in their lives," says ANZ New Zealand chief executive officer David Hisco.

He says ANZ New Zealand is the largest supplier of capital to the economy, from individuals and small firms to farmers and large institutional clients.