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ANZ New Zealand First Half 2018 Result
1 May 2018
Australia and New Zealand Banking
Group Limited (ANZ) today announced its 2018 half year
results, with ANZ New Zealand[1] delivering a statutory profit of
NZ$964 million, up 11% on the corresponding half in the 2017
financial year, and a cash profit[2] of NZ$941 million, up 1%from the
prior comparable period.
ANZ New Zealand Chief Executive Officer David Hisco said the bank is delivering consistent performance through a focus on outstanding customer experience and sustainable growth.
“ANZ has grown in home lending and deposits, which reflects the continuing strength of the New Zealand housing market and of the economy generally,” Mr Hisco said.
“Major infrastructure and building projects across the country are providing jobs and fuelling consumer spending and saving, and will do so for the foreseeable future.”
He said ANZ New Zealand has invested in digital capabilities to deliver a better, more secure bank and build functionality for its customers.
“Our investment in digital also means we are achieving greater operational efficiencies, as well as savings in our back office processes,” Mr Hisco said.
“We have shared this success with our customers, eliminating fees on ATM transactions and reducing fees on other banking products, while strengthening our competitiveness and value for money.”
He said ANZ New Zealand remained the number one in brand consideration[3] for local banks and continued to grow its customer base.
ANZ New Zealand’s revenue increased 3% to NZ$2.11 billion comprising net interest income of NZ$1.57 billion, up 2%, and other operating income of NZ$535 million, up 4%.
Net interest margins
increased slightly in the first half of FY18 due to
stabilising funding costs and repricing of home loans.
| Key Points All comparisons are six months ended 31 March 2018 compared with six months ended 31 March 2017 unless otherwise noted |
| • Statutory profit up 11%
at NZ$964 million. • Cash profit up 1% at NZ$941 million. • Revenue up 3% at NZ$2.11 billion. • Expenses increased 3%, reflecting investment in digital initiatives. • Credit losses increased to $70 million off a low base. • Customer deposits up 5% and gross lending up 3%. |
[1] ANZ New Zealand represents all of ANZ’s operations in New Zealand (NZ Geography), including ANZ Bank New Zealand Limited, its parent company ANZ Holdings (New Zealand) Limited and the New Zealand branch of ANZ.
[2] Statutory profit has been adjusted to exclude non-core items to arrive at cash profit continuing basis, the result for the ongoing business activities of ANZ New Zealand. Refer to Summary of Key Financial Information for details of reconciling items between cash profit and statutory profit.
[3] ANZ measures customer satisfaction
using independent research done on behalf of New Zealand
banks and a Net Promoter Score.
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A table of key financial information is attached.
http://img.scoop.co.nz/media/pdfs/1805/180501_ANZ_New_Zealand_half_year_result_media_release.pdf
ends
ANZ Bank New Zealand Limited
Get on top of your money
ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
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