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Profits at ANZ New Zealand bank rose 7%, or $46 million, to $684m in the six months to March 31.
The increase was achieved as the bank earned more (income up 4%) and was setting less aside to cover bad debts – thanks to the economy’s gradual recovery.
Provision charges for bad debt fell 3% to $99m.
ANZ New Zealand chief executive David Hisco says borrowing remains subdued as households and businesses continue to repay debt.
Across the Tasman, Australia and New Zealand Banking Group has revealed a interim net profit of $2.92 billion.
Group chief executive Mike Smith noted the good result from the New Zealand banks in a statement about the group result.
He said the bank was continuing with a strategy to diversify its revenue base, by product and region.
“It is a strategy that is creating a strong foundation for current and future growth by responding to the more constrained environment for banking in Australia and in New Zealand, and to the significant opportunities that are available to us beyond a domestic-only focus."
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