ANZ New Zealand full-year cash profit falls to NZ$2.31B
Key points
- ANZ New Zealand reported a full-year cash profit of NZ$2.31 billion, declining 3% from the prior year.
- Statutory profit dropped 7% to NZ$2.36 billion as operating expenses climbed 9% following a class action provision.
- The lender plans to advance its 2030 strategy through ongoing investments across home, business, and agricultural customer segments.
ANZ New Zealand (ASX:ANZ) reported a full-year cash profit after tax of NZ$2.31 billion, down 3% year-on-year.
The result followed a 7% decline in statutory profit to NZ$2.36 billion, driven by reduced economic hedge gains.
“This year’s result reflects continued progress on our 2030 strategy, with growth in our customer base, lending and deposits, and continued investment in our business for the future,” said ANZ Bank New Zealand CEO Ben Kelleher.
Operating expenses increased 9% due to a Credit Contracts and Consumer Finance Act class action provision that the bank appealed.
Following the announcement, the ANZ Group share price was down at $40.34.
Total revenue rose 3% alongside 3% lending growth and a 4% rise in customer deposits, offsetting net interest margin contraction.
Agricultural lending expanded 2.8% to NZ$15.8 billion as total funds under management increased to NZ$44.2 billion.
