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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news