ANZ New Zealand cash profit rises to $1.1 bln in first 9 months as costs trimmed

Thu, 15 Aug 2013

Aug. 16 (BusinessDesk) – ANZ New Zealand, the nation’s largest lender, lifted its nine-month cash profit by 14 percent by trimming costs and taking a smaller provision for bad debts, making up for a drop in interest income. Cash profit, which strips out fair value movements in hedging and insurance assets, rose to $1.06 billion in the nine months ended June 30, according to the Australia and New Zealand Banking Group NZ Branch disclosure statement. Net interest income fell 4 percent to $1.96 billion, as interest income declined 1.2 percent an...

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