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ANZ New Zealand First Half 2018 Result

1 May 2018

Australia and New Zealand Banking Group Limited (ANZ) today announced its 2018 half year results, with ANZ New Zealand[1] delivering a statutory profit of NZ$964 million, up 11% on the corresponding half in the 2017 financial year, and a cash profit[2] of NZ$941 million, up 1%from the prior comparable period.

ANZ New Zealand Chief Executive Officer David Hisco said the bank is delivering consistent performance through a focus on outstanding customer experience and sustainable growth.

“ANZ has grown in home lending and deposits, which reflects the continuing strength of the New Zealand housing market and of the economy generally,” Mr Hisco said.

“Major infrastructure and building projects across the country are providing jobs and fuelling consumer spending and saving, and will do so for the foreseeable future.”

He said ANZ New Zealand has invested in digital capabilities to deliver a better, more secure bank and build functionality for its customers.

“Our investment in digital also means we are achieving greater operational efficiencies, as well as savings in our back office processes,” Mr Hisco said.

“We have shared this success with our customers, eliminating fees on ATM transactions and reducing fees on other banking products, while strengthening our competitiveness and value for money.”

He said ANZ New Zealand remained the number one in brand consideration[3] for local banks and continued to grow its customer base.

ANZ New Zealand’s revenue increased 3% to NZ$2.11 billion comprising net interest income of NZ$1.57 billion, up 2%, and other operating income of NZ$535 million, up 4%.

Net interest margins increased slightly in the first half of FY18 due to stabilising funding costs and repricing of home loans.

Key Points
All comparisons are six months ended 31 March 2018 compared with six months ended 31 March 2017 unless otherwise noted
• Statutory profit up 11% at NZ$964 million.
• Cash profit up 1% at NZ$941 million.
• Revenue up 3% at NZ$2.11 billion.
• Expenses increased 3%, reflecting investment in digital initiatives.
• Credit losses increased to $70 million off a low base.
• Customer deposits up 5% and gross lending up 3%.

[1] ANZ New Zealand represents all of ANZ’s operations in New Zealand (NZ Geography), including ANZ Bank New Zealand Limited, its parent company ANZ Holdings (New Zealand) Limited and the New Zealand branch of ANZ.

[2] Statutory profit has been adjusted to exclude non-core items to arrive at cash profit continuing basis, the result for the ongoing business activities of ANZ New Zealand. Refer to Summary of Key Financial Information for details of reconciling items between cash profit and statutory profit.

[3] ANZ measures customer satisfaction using independent research done on behalf of New Zealand banks and a Net Promoter Score.
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A table of key financial information is attached.


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