Annual profit is well down at the ANZ National Bank.
It made a profit of $194 million in the year to September, a drop of 80% on the previous year.
The bank blames the fall on a three-fold rise in bad debts to $889 million and the slowing economy.
One-off charges rose to $434 million as it set aside more money for a potential tax cost as well as payments to ING investors caught in two frozen funds.
Earnings also fell in its retail, commercial and wealth management arms.
The only bright spot was its institutional arm, which made money on volatile financial markets.
Last month, ANZ bought ING's wealth management and life insurance business in Australasia for $NZ2.2 billion.