ANZ reports low credit impairments
(27 August 2010 – New Zealand) New Zealand’s biggest bank, Australia and New Zealand Banking Group Ltd has this week reported improved profit with lower credit impairments.
Last week ANZ New Zealand’s parent company reported its results, with the full general disclosure statement for the New Zealand branch released on Friday.
ANZ owns both the ANZ and National Bank of New Zealand businesses in New Zealand.
The bank reported an underlying profit before statutory adjustments of NZ$630 million (A$450 million) in the nine months to June 30, down 2 percent on last year.
The profit after statutory adjustments of NZ$620 million is up 30 percent.
Provisions for credit impairments of NZ$408 million are down 24 percent from last year.
The bank is emphasising its commitment to New Zealand where it is the biggest home, rural and business lender.
The bank says it is well capitalised and has strong liquidity.
Margins in the retail, commercial and rural businesses declined slightly compared to last year, reflecting higher wholesale funding costs and competition for deposits, partly offset by the phased re-pricing of the fixed lending book.
ANZ owns both the ANZ and National Bank of New Zealand businesses in New Zealand.
The bank reported an underlying profit before statutory adjustments of NZ$630 million (A$450 million) in the nine months to June 30, down 2 percent on last year.
The profit after statutory adjustments of NZ$620 million is up 30 percent.
Provisions for credit impairments of NZ$408 million are down 24 percent from last year.
The bank is emphasising its commitment to New Zealand where it is the biggest home, rural and business lender.
The bank says it is well capitalised and has strong liquidity.
Margins in the retail, commercial and rural businesses declined slightly compared to last year, reflecting higher wholesale funding costs and competition for deposits, partly offset by the phased re-pricing of the fixed lending book.
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