26 October 2012 6:42am
ANZ retail and business lifted full-year profit in New Zealand by 10 per cent in 2012, as it benefited from fatter margins and smaller provisions for bad debts. The New Zealand business thus produced the best lift in profit of any of ANZ's business units.
Underlying profit rose to NZ$1.37 billion, from $1.24 billion.
Non-core items for the parent included NZ$59 million for the New Zealand simplification programme. The phase out of National Bank was costed at NZ$100 million when it was announced in September.
In New Zealand, the credit environment "continues to improve", and the lender's simplification plan is delivering productivity gains and market share growth in key segments.
Lending volumes rose three per cent, with growth being most evident in the second half, with demand for home loans in Auckland, as well as a pick up in demand from small businesses. Deposits rose nine per cent.
Delinquency rates fell and gross impaired assets dropped 21 percent. The provision charge fell 12 per cent in the year.