26 Feb 2010

Trading conditions still tough - ANZ Bank

12:34 pm on 26 February 2010

ANZ Bank says there are signs the New Zealand economy is stabilising, though it warns trading remains tough.

Australia's fourth-largest lender reported a rise of 16% in cash profit to $A1.6 billion in the first four months of the financial year, while bad debts fell 35%.

Chief executive Mike Smith says a focus on cutting costs will stand it in good stead in New Zealand as the economy recovers from recesssion.