Thursday 3rd November 2011 |
Text too small? |
Australia and New Zealand Banking Group reported a 25 percent rise in annual profit in New Zealand, beating the $1 billion barrier with the help of a 59 percent fall in bad debts.
The largest bank in New Zealand reported a $1.085 billion profit in the year to Sept. 30, up $867 million a year earlier. The annual provision for bad and doubtful debts fell to $187 million from $461 million.
The second-half profit of $607 million is up 27 percent on the first half. The underlying annual profit of $1.24 billion is up 41 percent on last year.
The operator of ANZ and National Bank brands didn’t say anything about dropping the National Bank brand, which has been a source of speculation.
The massive increase in annual profit was achieved on a 4 percent rise in net interest income. Operating income rose 7 percent. The company said tight management of costs contributed to the result. Costs fell 2 percent.
A breakdown of the annual result showed a 44 percent rise in earnings from the retail division, a 61 percent rise from the commercial division and a 5 percent fall in earnings from the institutional division.
The provisions for bad debts in the second half rose 20 percent from the first half to $102 million.
The Australian parent posted a 19 percent increase in annual profit to A$5.36 billion.
The shares were unchanged at $27.25 on the NZX and have fallen 10 percent this year.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024