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Australia and New Zealand Banking Group (ANZ) – the country’s largest bank - has lifted its full-year net profit $361 million to $1.243 billion.
The 41% uplift in the underlying profit, which excludes one-offs and non-cash items, was largely driven by the notable fall in bad debts provisions of $274 million or 59% to $187 million.
Revenue, for the year to September, rose $225 million or 7% to $3.453 billion.
ANZ New Zealand chief executive David Hisco said it was a pleasing result in the highly competitive local banking market.
Yesterday, Westpac also revealed a 41% earnings leap to $454 million, on a greater share of deposits and loans.
ANZ New Zealand includes The National Bank, OnePath, Directo Broking and Eftpos.
Mr Hisco said the economy was still rebalancing as households and businesses repaid debt to strengthen their financial position.
Across the Tasman, ANZ’s Australian parent revealed group profits had increased 19% to $A5.36 billion.
Chief executive Mike Smith said warned about market volatility and consumer caution and said trading conditions had deteriorated in the second half of the reporting year.
‘‘This more difficult operating environment - characterised by ongoing economic volatility, cautious consumer and business behaviour, and higher funding and capital costs for banks globally - is likely to be with us for some time.’’