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Institutional performs well for ANZ National Bank

Institutional performs well for ANZ National Bank

(28 February 2006 – New Zealand) ANZ National Bank has posted a profit of NZ$274 million after tax for the December 2005 quarter, a 19 percent increase on the same quarter last year. The bank said the result was built on solid asset and deposit growth and a good performance from the Institutional business.

However, ANZ National Bank said the quarter was impacted by competitive pricing, and reduced net interest rates in the retail, rural and corporate divisions.

"An improved Institutional Markets performance (capital markets and foreign exchange earnings) was the main driver of the stronger Institutional segment result for the quarter. Good lending growth drove an improved result in the Relationship Banking segment," the bank said.

The bank said growth in the retail market was constrained by the intense competition in the mortgage market in 2005 and the cost of enhancing the customer service proposition.

ANZ bought National Bank of New Zealand from British bank Lloyds TSB for A$5.4 billion at the end of 2003.
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