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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news