Australia & New Zealand Banking Group [NZX: ANZ] says its New Zealand unit grabbed market share of home and commercial lending in the latest quarter as an improving economy stoked credit growth.
ANZ Bank New Zealand, the local unit of the Melbourne-based lender, lifted net profit 21 percent to $1.26 billion in the nine months ended June on a 5.1 percent increase in net interest income to $2.04 billion. New Zealand's biggest bank improved the quality of its loan book in the period, with a $26 million credit impairment release, compared to a $45 million charge a year earlier.
The lender boosted its mortgage loan book to $51.54 billion as at June 30 from $47.83 billion a year earlier, and increased non-housing loans to $39.24 billion from $37.93 billion. Credit card advances rose to $1.55 billion from $1.44 billion.
"The New Zealand division has increased market share in home lending, credit cards and commercial lending," the Australian parent said in a statement. "The improving economic environment is encouraging growth in the commercial sector and ANZ has been well positioned to capture the opportunity, growing comfortably above system."
In May, ANZ Bank New Zealand posted a 27 percent gain in first-half cash profit, recording the biggest gain among the four operating divisions of Australia's third-largest lender after growing its home loan book and cutting costs.
The New Zealand branch, which includes all of ANZ's local operations, increased cash profit 19 percent to $1.27 billion in the nine months through June.
The Australian parent today said it lifted cash profit 8 percent to A$5.2 billion in the nine months through June, and statutory net profit was up the same amount to A$5 billion.
The dual-listed shares were unchanged at $36 on the NZX, and last traded at A$32.74 on the ASX.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Tourism Association head Chris Roberts explains why the accommodation industry will fight 150% council rates rises
- Competition lawyer Andy Matthews' rates Spark's chance of success with its Skyfone legal challenge
- Kiwibank CEO Paul Brock on rising mortgage book, falling profit
- Thincats’ Sunil Aranha on how Harmoney could cope in the competitive Australian market
- Nevil Gibson says Fitch Ratings has moved its main risk to the economy from dairy returns to house prices