For Release: 19 August 2011
ANZ New Zealand delivers strong financial performance
- Improving economy, record customer satisfaction and sound cost management drives results -
Australia and New Zealand Banking Group Ltd (ANZ) NZ Branch disclosure statement for the nine months ended 30 June 2011 was released today, showing a strong performance for ANZ New Zealand.
ANZ New Zealand Chief Executive Officer David Hisco said: “Underlying profit1 for the nine months was $916 million, up 45% on the corresponding period last year. Our robust business performance reflects an increase in operating income of 7%, sound cost management and a significant reduction in provisioning for credit impairment.
“Provisioning was down $276 million or 68% reflecting the improving New Zealand economy. Credit quality in the rural sector, in particular, has improved steadily as the benefits from strong commodity prices flow through. We are also now seeing improvements in key indicators such as retail delinquency rates but we are maintaining a healthy dose of caution given the current challenges in the global economic environment. Key Points – ANZ New Zealand disclosure statement (nine months to 30 June 2011)
• Underlying profit of $916 million compared to $630 million in the nine months to June 2010.
• Statutory profit of $735 million, up 19% on the corresponding period last year.
• Income up 7%.
• Provision for credit impairment charge of $132 million down $276 million or 68%.
• Statutory profit includes an after tax charge of $102 million in relation to the move to single core banking system.
• Customer deposit growth of 5% over the nine months.
• Well-capitalised with strong liquidity.