Australia and New Zealand Banking Group (ANZ New Zealand) delivered a statutory profit of NZ$1,986 million for the financial year to 30 September 2018, up 12 per cent on the prior financial year. Cash profit was NZ$1,904 million, up 3 per cent.
ANZ New Zealand Chief Executive Officer David Hisco said the strong result reflects the performance of the economy, credit quality improvements and ANZ’s continued 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,” Hisco said.
He added that the government’s investment in major infrastructure across the country and trade achievements are providing jobs and fuelling consumer spending and saving.
“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,” he said.
ANZ New Zealand’s revenue increased 3 per cent to NZ$4.18 billion comprising net interest income of NZ$3.18 billion, up 3 per cent, and other operating income of NZ$1.0 billion, up 1 per cent.
In the past five years ANZ New Zealand has continued to invest in digital capabilities to deliver a better, more secure bank and make it easier for customers to use our services anywhere and at any time.
“Getting the right balance between technologies that are convenient and still presenting a human face is the challenge for all retailers and banking is no different,” Hisco added.
• Statutory profit up 12% at NZ$1,986 million.
• Cash profit up 3% at NZ$1,904 million.
• Revenue up 3% at NZ$4.18 billion.
• Expenses increased 3%, reflecting investment in digital initiatives.
• Lower levels of credit losses reflect improvements in credit quality in the Retail, and Commercial and Agri portfolios.
• Customer deposits up 7.5% and gross lending up 3%.
ANZ New Zealand remains the number one in brand consideration4 for local banks and continued to grow its customer base, with one in two New Zealanders now having some kind of financial relationship with the bank. – BusinessNewsAsia.com