Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ANZ Bank posts 13 percent gain in first-quarter cash profit

ANZ Bank posts 13 percent gain in first-quarter cash profit on reduced impairments, higher lending

Feb. 11 (BusinessDesk) - Australia & New Zealand Banking Group posted a 13 percent gain in first-quarter cash profit after recording a lower charge for impaired loans and boosting lending.

Unaudited cash profit was A$1.73 billion in the three months ended Dec. 31, from A$1.53 billion a year earlier, the Melbourne-based lender said in a statement. Cash profit excludes one-time items. Statutory profit increased to A$1.64 billion from A$1.36 billion.

Shares of ANZ have climbed 140 percent on the ASX in the past five years, a period when it has posted record profits. Today, chief executive Mike Smith said revenue growth in 2014 would be 4 percent to 5 percent, outpacing an expected 2 percent rise in expenses. The forecast assumes no change in foreign exchange rates.

In the latest quarter, customer deposits rose 4 percent and loans and advances gained 3 percent, versus the end of the 2013 year. Group net interest margin fell, it said, without giving details. “While ANZ has seen some easing in deposit pricing, this was offset by the ongoing impacts of the lower interest rate environment and some asset pricing pressure which was broadly based,” the lender said.

The first-quarter provision charge was A$191 million, down from A$311 million in the same quarter a year earlier.

The lender’s ANZ New Zealand unit is this nation’s biggest bank. The New Zealand division “continued to grow our home loan book strongly through both business banking and retail channels, with strong performance in the under 80 percent loan to value ratio segment,” it said. The bank didn’t release a separate statement for the New Zealand business.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news