ANZ’s NZ Business reveals healthy gains
(3 May 2012 – New Zealand) Australian and New Zealand Banking Corporation’s (ANZ) New Zealand business has reported a 13 percent jump in first-half profits.
The bank revealed an underlying profit of NZ$684 million (A$535 million) for the six months to March 31, up from NZ$605 million in the same period a year ago.
Improved margins on floating-rate mortgages translated into a 20 percent gain for the retail banking arm in the six months, to NZ$210 million.
David Hisco, the bank’s chief executive described borrowing volumes as "relatively subdued" putting it down to a volatile economic recovery.
Underlying profit at the commercial unit was flat at NZ$305 million during the six months, while the institutional profit rose 5 percent to NZ$174 million.
Provision for bad debts were 3 percent lower than six months ago at NZ$99 million, but still elevated compared with the NZ$85 million mark a year ago.
Improved margins on floating-rate mortgages translated into a 20 percent gain for the retail banking arm in the six months, to NZ$210 million.
David Hisco, the bank’s chief executive described borrowing volumes as "relatively subdued" putting it down to a volatile economic recovery.
Underlying profit at the commercial unit was flat at NZ$305 million during the six months, while the institutional profit rose 5 percent to NZ$174 million.
Provision for bad debts were 3 percent lower than six months ago at NZ$99 million, but still elevated compared with the NZ$85 million mark a year ago.
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