ANZ announces $1.99b profit
The country's largest bank, ANZ, has made another strong full year
result, with fewer bad debts and an increase in savings and loans.
The New Zealand bank's net tax tax profit for the year ended September
rose 12 percent to $1.99 billion, while the cash profit, which excludes
one-offs and changes in value of financial instruments, rose 3 percent
to $1.90b.
The New Zealand bank outperformed its Australian parent, which ran up a
billion dollars in restructuring costs and compensation payments to
customers associated with the Australian royal commission into the
wrongdoing of financial institutions.
The group profit, which includes the Australian parent was flat at $A6.4b, with a 16 percent drop in cash profit to $A5.8b.
Its large costs included $454m ($A419m) paid to customers, $29m ($A27m) of which was paid to New Zealand customers.
ANZ New Zealand chief executive David Hisco said the strong result
reflected the performance of the economy, credit quality improvements
and the bank's focus on digital innovation and customer service.
"The continued strength of the economy - strong exports and tourism
sector aided by a lower dollar, continued demand for houses and growth
in household incomes - has been good for our business," Mr Hisco said.
"The government's investment in major infrastructure across the country
and trade achievements are providing jobs and fuelling consumer spending
and saving."
Customer deposits rose 7.5 percent, while gross lending rose 3 percent.
"We have also had a significant reduction in provision charges - funds
set aside for bad debts - due to credit quality improvements across our
Retail, Commercial and Agri businesses."
ANZ New Zealand also announced it will not be pursuing an initial public
offering (IPO) of UDC Finance, following the completion of a strategic
review of the business.
https://www.geezgo.com/sps/44849
Join Geezgo for free. Use Geezgo's end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>
No comments