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

 


ANZ says NZ unit grabs market share in latest quarter

ANZ says NZ unit grabs market share in mortgage, commercial lending

By Paul McBeth

Aug. 15 (BusinessDesk) - Australia & New Zealand Banking Group says its New Zealand unit grabbed market share of home and commercial lending in the latest quarter as an improving economy stoked credit growth.

ANZ Bank New Zealand, the local unit of the Melbourne-based lender, lifted net profit 21 percent to $1.26 billion in the nine months ended June on a 5.1 percent increase in net interest income to $2.04 billion. New Zealand's biggest bank improved the quality of its loan book in the period, with a $26 million credit impairment release, compared to a $45 million charge a year earlier.

The lender boosted its mortgage loan book to $51.54 billion as at June 30 from $47.83 billion a year earlier, and increased non-housing loans to $39.24 billion from $37.93 billion. Credit card advances rose to $1.55 billion from $1.44 billion.

"The New Zealand division has increased market share in home lending, credit cards and commercial lending," the Australian parent said in a statement. "The improving economic environment is encouraging growth in the commercial sector and ANZ has been well positioned to capture the opportunity, growing comfortably above system."

In May, ANZ Bank New Zealand posted a 27 percent gain in first-half cash profit, recording the biggest gain among the four operating divisions of Australia’s third-largest lender after growing its home loan book and cutting costs.

The New Zealand branch, which includes all of ANZ's local operations, increased cash profit 19 percent to $1.27 billion in the nine months through June.

The Australian parent today said it lifted cash profit 8 percent to A$5.2 billion in the nine months through June, and statutory net profit was up the same amount to A$5 billion.

The dual-listed shares were unchanged at $36 on the NZX, and last traded at A$32.74 on the ASX.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. 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