ANZ New Zealand boosts FY earnings 21% as costs fall on smaller workforce; bad debts decline

Paul McBeth
Wed, 25 Oct 2017

By Paul McBeth Oct. 26 (BusinessDesk) - ANZ New Zealand, the local unit of Australia & New Zealand Banking Group, boosted annual earnings 21 percent as the country's biggest lender cut costs by shrinking its workforce and bad credit charges fell as concerns about the rural sector eased.  Cash profit, the favoured earnings measure of the Australian-owned banks, rose to $1.86 billion in the 12 months ended Sept. 30 form $1.53 billion a year earlier. Net interest income edged up 2 percent to $3.08 billion while operating expenses shrank 8 pe...

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