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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news