ANZ New Zealand earnings drop 9% on skinnier margins, more bad debts

Wed, 02 Nov 2016

By Paul McBeth Nov. 3 (BusinessDesk) - ANZ New Zealand, the local unit of Australia & New Zealand Banking Group, posted a 9 percent fall in annual earnings as margins at the country's biggest lender got squeezed by more expensive funding and stiff competition for mortgage lending, and as it dealt with more bad debts. Cash profit, the favoured measure of the Australian-owned banks, fell to $1.53 billion in the 12 months ended Sept. 30 from $1.69 billion a year earlier, the Auckland-based lender said in a statement. Net interest income ros...

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