Mortgages drive profit leap for ANZ New Zealand

by Krizzel Canlas02 May 2018

A significant growth in mortgage lending has seen country’s largest home loan lender ANZ New Zealand to deliver a statutory profit of $964 million in the first half of 2018, up 11% from the previous reporting period.

According to ANZ New Zealand chief executive officer David Hisco, ANZ has grown in home lending (up 3%) and deposits (up 5%), which reflects the continuing strength of the New Zealand housing market and of the economy generally.

“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 noted.

ANZ also recorded a cash profit of $941 million, up 1% from the prior comparable period.

Hisco 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,”he explained. “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.”

ANZ New Zealand, Hisco said, remained the number one in brand consideration for local banks and continued to grow its customer base.

ANZ New Zealand’s revenue increased 3% to $2.11 billion comprising net interest income of $1.57 billion, up 2%, and other operating income of $535 million, up 4%.

 

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