Solid performance in tough times
ANZ New Zealand has announced a consistent cash net profit after tax (NPAT) of $1,155 million for the six months ending March 31, mirroring the results from the previous half year.
Despite challenging economic conditions, the statutory NPAT experienced a slight decline, falling 8% to $1,038m, reflecting losses from economic hedges.
“This is a solid result which reflects a degree of resilience across the economy in the face of economic headwinds, and how we have been faring as a nation,” said Antonia Watson, ANZ Bank NZ CEO.
Watson outlined various economic pressures such as high inflation, a static official cash rate, rising unemployment, and dwindling business and consumer confidence, all expected to persist throughout the year.
Customer support and home loan growth
Despite subdued activity in the housing market, ANZ NZ managed to expand its home loan market share by issuing $10.1 billion in new home lending.
Watson highlighted the bank’s proactive approach: “We’ve been focused on supporting our customers to manage in a higher interest rate environment and continuing to innovate our products and services.”
Business and environmental initiatives
ANZ NZ has actively supported regional businesses and agri-customers, particularly those recovering from extreme weather events, with significant lending through various loan schemes. The bank also continued to champion environmental sustainability, evidenced by $15m in green loans disbursed during the period.
“Climate change continues to be a priority for ANZ NZ, in particular supporting our customers to reduce their climate impact and improve resilience,” Watson said.
Robust capital position and future outlook
The bank remains well-capitalised, with shareholders’ equity standing at $16.9bn and a total capital ratio of 16.2%, well above regulatory requirements.
“ANZ is a strong, safe, and well-capitalised business, positioned to support our customers through any tough times ahead,” Watson said.
She also highlighted the bank’s ongoing preparations to combat financial crime, including significant investments in biometrics and other protective technologies.
Engagement and regulatory environment
Watson expressed optimism about working with the government and other stakeholders to enhance financial crime prevention and consumer protection.
She also welcomed the Commerce Commission’s draft market study report, praising the strong competition within New Zealand’s banking sector and its alignment with international standards.
ANZ’s contributions to the economy and community
ANZ NZ plays a significant role in New Zealand's economy, contributing approximately 5% of the government's total company tax revenue. Additionally, the bank supports local employment and community initiatives.
For the full report, visit the ANZ NZ website.
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