Scoop has an Ethical Paywall
ANZ New Zealand Disclosure Statement - Nine Months to June
ANZ New Zealand Disclosure Statement - nine months to June 2017
Australia and New Zealand Banking Group Limited (ANZ) NZ Branch Disclosure Statement for the nine months ended 30 June 2017 was released today, showing unaudited statutory profit of NZ$1,275 million for ANZ New Zealand[1], up from NZ$1,193 million in the nine months ended 30 June 2016.
Unaudited cash profit[2] was up 19% at NZ$1,379 million compared with NZ$1,163 million in the prior comparative period, due mainly to disciplined cost management and lower charges for credit impairment.
Net interest income increased 1% reflecting continued lending growth. Net interest margins have recently stabilised after a period of contraction caused by increased funding costs and a customer preference for fixed rate home loans.
The increase in other operating income reflected higher trading income and valuation gains on derivatives.
Key
Points
All comparisons are nine months to 30 June 2017 compared with nine months to 30 June 2016 unless otherwise noted
• Unaudited statutory profit up 7% at NZ$1,275 million.
• Unaudited cash profit up 19% at NZ$1,379 million.
• Expenses decreased 8%, or 2% 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.
• Lower levels of credit losses reflect improvements in credit quality in the commercial and agri portfolios, partially offset by new provisions.
• Customer deposits up 7% and gross lending up 4%.
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.
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
