ANZ Bank's NZ unit posts 1% increase in 1H earnings as impairment charges weigh

Mon, 04 May 2015

By Paul McBeth May 5 (BusinessDesk) - Australia & New Zealand Banking Group's New Zealand division reported a 1 percent increase in cash profit as impairment charges on its commercial lending book offset wider margins from an expanded home loan portfolio. Cash profit in New Zealand increased to $605 million in the six months ended March 31, from $601 million a year earlier, the Melbourne-based parent said in a statement. Of that, the lender's residential business reported a 4 percent gain in cash earnings to $238 million while its commerc...

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