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ANZ New Zealand delivers strong financial performance
Media Release
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.
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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