ANZ New Zealand lifts 1H profit 7 percent on strong lending growth, lower impairment charges

Mon, 29 Apr 2013

April 30 (BusinessDesk) - Australian & New Zealand Banking Group's local unit lifted first-half profit 7 percent as it grew its loan book and booked smaller charges on bad loans. Net profit rose to $655 million in the six months ended March 31 from $615 million a year earlier, ANZ New Zealand said in a statement. Cash profit, which excludes unrealised movements in financial instruments, climbed 14 percent to $699 million. The gains came despite a 4 percent decline in net interest income to $1.3 billion, with tighter margins stemming from lo...

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