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

 


ANZ New Zealand delivers strong performance

1 May 2014

ANZ New Zealand delivers strong performance

Single brand, stronger economy drives lending, credit quality, reduced costs

Australia and New Zealand Banking Group Limited (ANZ) 2014 half year results were released today, showing a strong performance for ANZ New Zealand1 with cash profit2 of NZ$887 million, up 27% from $697 million in the corresponding half in FY13 (PCP).

Statutory profit was NZ$853 million, up 31% PCP. The result reflected significant reductions in costs due to the company’s simplification programme, above-market growth in home loans, strong lending to the commercial and export sectors, rapid growth in KiwiSaver and major reductions in credit provisions arising from management actions and an improving economy.

ANZ New Zealand Chief Executive Officer David Hisco said: “We have continued to execute our strategy to build a simpler, more productive business following our successful brand integration and move to a single core banking system.

“By leveraging our strong financial position and scale, this work is moving us towards our ultimate goal of creating New Zealand’s best bank. In doing so, we will continue to invest in New Zealand, support our customers and the communities they live in, and contribute to the country’s economic growth.

“Streamlining of products, continued focus on simplifying customer processes and productivity gains have pushed ANZ’s brand consideration to number one for the major banks which is an all-time high for us,” Mr Hisco said.

Key points – all financial comparisons are PCP unless noted
• Cash profit of $887 million, up 27%
• Statutory profit of $853 million, up 31%
• Completion of brand and systems integrations in 2013 has achieved significant cost
• reductions and productivity gains
• Good lending growth driven by above market increase in home lending
• Strong deposit growth over the half
• Improved credit impairment result and further decrease in impaired assets

Mr Hisco said the bank achieved good lending growth while maintaining net interest margin in a competitive credit environment. “At the same time we have improved the quality of our portfolio and created a platform for consistent, sustainable earnings growth.”

ANZ reinforced its position as leader in the home lending market by increasing its share of the market by 44 basis points3 compared to a year ago while implementing the Reserve.

ANZ Wealth has continued to perform strongly with 25.8% of New Zealand KiwiSavers choosing ANZ Wealth as their provider of choice.

Looking ahead, Mr Hisco said: “With staff engagement at an all-time high and the business continuing to focus on improving the customer experience, we’re expecting even better results in the future.”

ANZ’s New Zealand shareholders will obtain the benefit of New Zealand imputation credits of NZ10 cents for ANZ's 2014 interim dividend.

A table of key financial information follows


Click for big version.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news