Unspectacular quarter for ANZ National Bank
(26 August 2004 – New Zealand) The merged ANZ and National Bank of New Zealand has posted a NZ$192 million (A$177 million) profit for the June quarter, an 8.5 percent increase on the March quarter.
Post tax profit with integration costs and goodwill amortisation taken out was NZ$237 million (A$218 million), which represented a 3.9 percent increase on the March quarter.
The six months to June figure was NZ$368.95 million (A$340 million) compared with a combined NZ$598 million (A$551 million) last year.
ANZ bought National Bank of New Zealand last December for A$6.27 billion from British bank Lloyds TSB.
New Zealand’s central bank has stipulated the two banks retain both brands.
ANZ National Bank chief executive Sir John Anderson said the bank was focussing on not shedding customers during the integration and amalgamation process.
He described the June result as "solid".
"It reflects a stable customer franchise that is delivering reasonable asset growth with improved margins and careful management of costs," he said.
The six months to June figure was NZ$368.95 million (A$340 million) compared with a combined NZ$598 million (A$551 million) last year.
ANZ bought National Bank of New Zealand last December for A$6.27 billion from British bank Lloyds TSB.
New Zealand’s central bank has stipulated the two banks retain both brands.
ANZ National Bank chief executive Sir John Anderson said the bank was focussing on not shedding customers during the integration and amalgamation process.
He described the June result as "solid".
"It reflects a stable customer franchise that is delivering reasonable asset growth with improved margins and careful management of costs," he said.
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