ANZ New Zealand boosts annual cash profit 12 percent as staff cuts trim costs, bad debts fall

Mon, 28 Oct 2013

By Paul McBeth Oct 29 (BusinessDesk) - ANZ New Zealand, the country’s biggest lender, boosted its annual cash profit as staff cuts and fewer bad debts trimmed its costs, offsetting smaller margins lending in the face of increased competition. Cash profit rose to $1.44 billion in the 12 months ended Sept. 30 from $1.29 billion a year earlier, the bank said in a statement. Statutory profit rose 8 percent to $1.37 billion. Net interest income fell 3 percent to $2.64 billion, a smaller decline than the 13 percent drop in operating expenses to...

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