Finance

ANZ lifts net profit 18% on covid write-backs

Jenny Ruth
Wed, 05 May 2021

ANZ Bank NZ chief executive Antonia Watson says house prices need to be sustainable.
Jenny Ruth
Wed, 05 May 2021
ANZ Bank New Zealand lifted first-half net profit 18% after it wrote back less than 20% of its covid-related charges against profit and cut operating expenses.NZ's largest bank reported a $930 million net profit for the six months ended March compared with $789m in the same six months a year earlier. It wrote back $70m out of $401m of covid-related charges made in the previous first-half and in the six months ended September last year.The bank's preferred cash measure of profit, which excludes the impact of hedging, was up 42% at $962m....

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