One of the majors has released its disclosure statement, showing a $1.3 billion unaudited statutory profit
ANZ Bank New Zealand has announced a $1.275 million unaudited statutory profit in the nine month ended in June, up from by 7% from a year ago.
The bank said its unaudited cash profit was up 19% sitting at $1,379 million compared to $1,163 million in the prior comparative period.
The rise in profit, according to the bank, was driven by disciplined cost management and lower charges for credit impairment.
Its net interest income increased 1% reflecting continued lending growth. “Net interest margins have recently stabilised after a period of contraction caused by increased funding costs and a customer preference for fixed rate home loans,” the bank said.
“The increase in other operating income reflected higher trading income and valuation gains on derivatives,” ANZ New Zealand said.
Its expenses decreased 8%, or 2% adjusting for charges associated with a change to the application of the bank’s software capitalisation policy announced last year, reflecting ongoing disciplined cost management and productivity gains.
According the major bank, lower levels of credit losses were driven by improvements in credit quality in the commercial and agricultural portfolios, and were partially offset by new provisions.
Its customer deposits were up 7% and gross lending was up 4%.
The bank said its unaudited cash profit was up 19% sitting at $1,379 million compared to $1,163 million in the prior comparative period.
The rise in profit, according to the bank, was driven by disciplined cost management and lower charges for credit impairment.
Its net interest income increased 1% reflecting continued lending growth. “Net interest margins have recently stabilised after a period of contraction caused by increased funding costs and a customer preference for fixed rate home loans,” the bank said.
“The increase in other operating income reflected higher trading income and valuation gains on derivatives,” ANZ New Zealand said.
Its expenses decreased 8%, or 2% adjusting for charges associated with a change to the application of the bank’s software capitalisation policy announced last year, reflecting ongoing disciplined cost management and productivity gains.
According the major bank, lower levels of credit losses were driven by improvements in credit quality in the commercial and agricultural portfolios, and were partially offset by new provisions.
Its customer deposits were up 7% and gross lending was up 4%.
