ANZ posts half year cash profit of $941 mill

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,” 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,” 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 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%.

Net interest margins increased slightly in the first half of FY18 due to stabilising funding costs and repricing of home loans.