ANZ New Zealand performs strongly

Tuesday, 5 May 2015, 11:05 am
Press Release: ANZ Bank

5 May 2015

ANZ New Zealand performs strongly

Australia and New Zealand Banking Group Limited (ANZ) 2015 half year results were released today, showing a strong performance for ANZ New Zealand with cash profit of NZ$841 million. Statutory profit was NZ$877 million, up 3% on the corresponding half in FY14.

The result reflected market share growth in lending and deposits, confidence in the economy and continued productivity gains driven by the company’s simplification programme.

All New Zealand business units contributed strongly, with profit before credit impairment, excluding a one-off insurance recovery in the corresponding half in FY14, up by 10% on the prior comparable period.

Cash profit was down 5% because the result in the prior comparable period included a high level of provision write-backs and the one-off insurance recovery.
ANZ New Zealand Chief Executive Officer David Hisco said: “We have maintained our momentum into 2015 with a strong first-half performance. Confidence among businesses and consumers is lifting economic activity and lending volumes. With our market-leading domestic network and global connections, ANZ is well placed to leverage this activity in New Zealand.

Key points
· Cash profit of NZ$841 million.
· Statutory profit of NZ$877 million.
· Stronger, more efficient business – cost-to-income ratio 38%.
· Above market growth in lending and deposits.
· Provision charge of $31 million reflects portfolio growth along with a reduced level of write-backs.

“The ANZ business in New Zealand is stronger than ever. Simplification of our business and growing adoption of digital technologies for both customers and staff are contributing to greater productivity,” Mr Hisco said.

ends

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