Resilience in tough economic year
ANZ New Zealand reported a 1% rise in cash NPAT to $2.286 billion for the year ending September 30, though statutory NPAT fell 2% to $2.091bn, highlighting economic pressures on customers and increased costs.
CEO Antonia Watson (pictured above) highlighted that ANZ NZ’s “costs grew faster than our income in the year,” though the bank remains “resilient and strong” in supporting customers amid high interest rates and inflation.
Positive outlook as economic indicators shift
Watson noted a cautious optimism for New Zealand’s economic future, stating, “As interest rates come down, inflation is controlled, and businesses feel more confident.”
This outlook was supported by a 3% growth in customer deposits, while home lending rose 4%, even amid competitive pressure and a slower housing market.
ANZ’s credit impairment charge dropped to $44 million, a significant reduction of $139 million, showing improved credit stability.
Supporting business and environmental initiatives
While business lending remains subdued, ANZ’s small business package attracted more than 15,000 new customers. The bank also remains the largest lender in the agricultural sector, holding $15.4bn in farm lending.
In sustainability efforts, ANZ has funded 193 projects with its Business Green Loan and aims to facilitate $20bn in social and environmental activities by 2030, including carbon reduction and affordable housing initiatives.
Focus on homeownership and KiwiSaver support
ANZ’s Good Energy Home Loan program saw $255 million lent to 6,730 households for energy-efficient upgrades, while more than 10,000 first-home buyers accessed KiwiSaver funds to purchase their homes.
ANZ remains New Zealand’s largest KiwiSaver provider, managing $21.8 billion in funds, which grew by $2.8 billion over the past year.
Watson emphasised the increasing role of KiwiSaver in supporting New Zealanders’ long-term financial security.
Fraud prevention and open banking advancements
ANZ’s efforts to combat financial crime prevented over $34m in fraud and scams. The bank also advanced open banking, with 15% of eligible customers making open banking payments, expanding payment options through services like Worldline and BlinkPay.
Community contributions and customer resilience
During the fiscal year, ANZ NZ paid approximately $900m in taxes, employed 7,500 New Zealanders, and paid $1bn in salaries.
Despite challenging economic conditions, Watson praised the resilience of ANZ’s customers, with about 29% of home loan accounts ahead by six months or more and over half of customers maintaining a savings buffer.
She stressed the bank’s ongoing role in supporting New Zealanders through crises.
“We’re in it together and we will continue to foster the success and prosperity of Kiwi customers and businesses as our economy evolves,” Watson said.
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