ANZ profit up
Updated at 11:30 am on 22 August 2012
Higher income and a fall in bad debt has driven up the nine-month profit for ANZ New Zealand.
The bank made a profit of $965 billion in the nine months to June, an increase of 31% compared with the same period a year ago.
Excluding one-off items, underlying profit rose 12% to $1 billion.
Revenue rose 5% to $2.7 billion, helped in part by households shifting to more profitable floating mortgage rates, while provisions for bad debt fell and costs rose slightly.
ANZ grew its share of the mortgage market but because of focus on debt repayment, lending growth again remains subdued amid a slow recovery.
Copyright © 2012, Radio New Zealand
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