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, up from NZ$1,193 million in the nine months ended 30 June 2016.
Unaudited cash profit 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.
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, 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%.