Wednesday, 06 December 2023
KaitaiaWhangareiDargavilleAucklandThamesTaurangaHamiltonWhakataneRotoruaTokoroaTe KuitiTaumarunuiTaupoGisborneNew PlymouthNapierHastingsDannevirkeWhanganuiPalmerston NorthLevinParaparaumuMastertonWellingtonMotuekaNelsonBlenheimWestportReeftonKaikouraGreymouthHokitikaChristchurchAshburtonTimaruWanakaOamaruQueenstownDunedinGoreInvercargill
NZ HeraldThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay Of Plenty TimesRotorua Daily PostHawke's Bay TodayWhanganui ChronicleThe Stratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu CourierVivaEat WellOneRoofDRIVEN Car GuideThe CountryPhoto SalesiHeart RadioRestaurant Hub
Voyager 2023 media awards
Subscribe

Advertisement

Advertise with NZME.
Home / Business

ANZ New Zealand profit surges $343m to $1.71b

BusinessDesk
30 Oct, 2014 10:44 PM3 mins to read
Saveshare

Share this article

facebookcopy linktwitterlinkedinredditemail
Photo / Richard Robinson

Photo / Richard Robinson

ANZ New Zealand's profit climbed $343 million, or 25 per cent, in the past 12 months to a record $1.71 billion.

The local unit of Australia & New Zealand Banking Group benefited from home loan lending growth and bedded down savings from the integration of the National Bank brand.

Cash profit, which strips out movements in the value of financial instruments, rose to $1.68 billion in the 12 months ended Sept. 30, from $1.43 billion a year earlier, the Auckland-based lender said in a statement.

Statutory net profit climbed 25 percent to $1.71 billion from $1.36 billion from 12 months earlier. Operating income increased 7 percent to $3.76 billion, while expenses shrank 2 percent to $1.46 billion.

Advertisement

Advertise with NZME.

Read more:
• ANZ workers resume strike action
• BNZ earnings up on new lending, fewer bad debts

"We have continued to reduce our duplicated costs and build a simpler, more productive business following our National Bank and ANZ brand merger in late 2012," chief executive David Hisco said. "We have grown market share in home loans, cards, KiwiSaver and commercial lending."

The New Zealand business contributed about 22 percent to its Melbourne-based parent's annual cash earnings of A$7.12 billion, up from A$6.49 billion a year earlier. The group lifted net profit 15 percent to A$7.27 billion on an 8 percent gain in operating income to A$20.05 billion.

ANZ's board declared a final dividend of 95 Australian cents per share, payable on Dec. 16, and taking total payments for the year to A$1.78.

Advertisement

Advertise with NZME.

The dual-listed shares rose 0.1 percent to $37.45 on the NZX, and last traded at A$33.26 on the ASX.

The group's New Zealand banking division, the country's biggest lender, lifted cash profit 10 percent to $1.17 billion on a 5 percent increase in net interest income to $2.36 billion, with earnings from retail lending growing at a faster pace than the commercial unit. The net interest margin slipped 1 basis point to 2.48 percent in the year. The lender wrote back a $9 million gain from its impaired assets, compared to a $44 million charge on bad debts in the 2013 year.

The bank had net loans of $96.56 billion as at Sept. 30 from $91.63 billion a year earlier, of which $37.12 billion was in retail banking and $59.53 billion in commercial. Agri lending grew 5 percent in the year to $36.56 billion and small business lending rose 12 percent to $22.88 billion.

"Our simplification strategy has been a key factor in our small business banking and commercial businesses delivering above-system lending growth for the 2014 year," the parent said. "The agri business, after a period of rebalancing, is now positioned for renewed growth."

Related articles

Business

Savers warned to check KiwiSaver fees

31 Jul 12:14 AM
Business

NZ dollar poised for mid-week dairy and jobs data

04 Aug 06:21 AM
Business

KiwiSaver average tops $9300

04 Aug 05:00 PM
Business

ANZ launches Oz super transfer service

04 Aug 09:00 PM

Customer deposits rose 10 percent to $57.62 billion in the year.

ANZ's New Zealand's institutional business increased cash earnings 11 percent to $320 million, while the wealth unit more than doubled cash profit to $182 million, which included a one-off gain of $91 million from an insurance recovery relating to the frozen ING funds.

Read ANZ's media release here:

with NZ Herald

Saveshare

Share this article

facebookcopy linktwitterlinkedinredditemail

Advertisement

Advertise with NZME.

Latest from Business

Premium
Business

Market close: NZ stocks continue to drift while Aussies keep cash rate on hold

05 Dec 05:15 AM
Premium
Business

Big payday for Hirepool shareholders

05 Dec 03:13 AM
Premium
Business

Cost of living hits customers as Woolworths NZ's profits slashed

05 Dec 03:05 AM
Premium
Business

Three retirement village issues NZ Shareholders Association is considering

05 Dec 03:02 AM

How to make a win-win-win from waste

sponsored

Advertisement

Advertise with NZME.

Latest from Business

Premium
Market close: NZ stocks continue to drift while Aussies keep cash rate on hold

Market close: NZ stocks continue to drift while Aussies keep cash rate on hold

05 Dec 05:15 AM

The S&P/NZX 50 Index ended the day lower.

Premium
Big payday for Hirepool shareholders

Big payday for Hirepool shareholders

05 Dec 03:13 AM
Premium
Cost of living hits customers as Woolworths NZ's profits slashed

Cost of living hits customers as Woolworths NZ's profits slashed

05 Dec 03:05 AM
Premium
Three retirement village issues NZ Shareholders Association is considering

Three retirement village issues NZ Shareholders Association is considering

05 Dec 03:02 AM
More houses coming
sponsored

More houses coming

About NZMEHelp & SupportContact UsSubscribe to NZ HeraldHouse Rules
Manage Your Print SubscriptionNZ Herald E-EditionAdvertise with NZMEBook Your AdPrivacy Policy
Terms of UseCompetition Terms & ConditionsSubscriptions Terms & Conditions
© Copyright 2023 NZME Publishing Limited
TOP