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ANZ New Zealand Disclosure Statement
17 February 2017
ANZ New Zealand Disclosure Statement - three months to December 2016
Australia and New Zealand Banking Group Limited (ANZ) NZ Branch Disclosure Statement for the three months ended 31 December 2016 was released today, showing unaudited statutory profit of NZ$403 million for ANZ New Zealand[1], an increase from NZ$347 million in the three months ended 31 December 2015.
Unaudited cash profit[2] increased 18% at NZ$459 million compared with NZ$390 million in the prior comparable period (‘pcp’).
Net interest income increased 3% against pcp, primarily reflecting continued lending growth.
Net interest margin has contracted due to increased funding costs and demand for fixed rate home lending.
ANZ New Zealand Chief Executive Officer David Hisco said: “More New Zealanders are switching from floating to fixed home loans, taking advantage of lower interest rates ahead of possible changes in market conditions.”
The increase in other operating income reflected higher Global Markets trading income and valuation gains on derivatives.
Key Points
All
comparisons are three months to 31 December 2016 compared
with three months to 31 December 2015 unless otherwise
noted
• Unaudited statutory profit increased
16% at NZ$403 million.
• Unaudited cash profit
increased 18% at NZ$459 million.
• Expenses
decreased 3%, or 4% adjusting for charges associated with a
change to the application of ANZ’s software capitalisation
policy announced in March 2016[3], reflecting ongoing disciplined cost
management and productivity gains.
• Provision
charge of NZ$37 million reflects a normalising of provision
levels in the portfolios, combined with lower levels of
write backs and recoveries than have been experienced in
previous periods.
• Customer deposits increased
7% and gross lending increased 5%.
ends
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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