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ANZ NZ delivers another solid full-year result
News Release
For release: 3 November 2016
ANZ NZ delivers another solid full-year result
Australia and New Zealand Banking Group Limited (ANZ) 2016 results were released today, with ANZ New Zealand[1] delivering a cash profit of NZ$1.53 billion, down 9%, and a statutory profit of NZ$1.54 billion, down 13% on the 2015 financial year.
The 2016 financial year includes charges of NZ$178 million associated with specified items [2] announced at the ANZ Group 2016 full year results. Excluding these charges, cash profit was NZ$1.66 billion, down 2%.
Net interest income increased 5% compared with the previous year, primarily reflecting continued lending growth, while interest margins have contracted due to strong lending competition and a customer preference for fixed rate mortgages. The decline in other operating income reflected lower trading income and losses on hedging derivatives.
ANZ New Zealand Chief Executive Officer David Hisco said: “We had a solid year and while our net profit after tax wasn’t as strong as the 2015 financial year, the New Zealand business is performing well and reflects the performance of the economy.
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[1]
ANZ New Zealand represents all of ANZ’s operations in New
Zealand, including ANZ Bank New Zealand Limited, its parent
company ANZ Holdings (New Zealand) Limited and the New
Zealand branch of ANZ.
[2] The ANZ 2016 full year results outlined the impact of certain charges referred to as “Specified Items”. Specified items relevant to ANZ NZ were an accounting change to the application of the Group’s software capitalisation policy effective from 1 October 2015, changes to the methodology for credit valuation adjustments (CVA) in determining the fair value of derivatives to align with evolving market practice and restructuring costs.
ANZ Bank New Zealand Limited
Get on top of your money
ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
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