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

 

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.

________________________________________


[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.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Rocket Lab: Launch Expected

Rocket Lab has delayed the roll out of the launch vehicle called Electron by one day, due to weather conditions. The planned launch attempt will now take place on Tuesday, May 23, 2017. More>>

ALSO:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: