ANZ's local division posts 6% drop in first quarter profit on skinnier margins

Tue, 16 Feb 2016

By Paul McBeth Feb. 17 (BusinessDesk) - Australia & New Zealand Banking Group's kiwi unit reported a 6 percent fall in first-quarter profit as tight lending competition ate into margins, even as it grabbed a bigger slice of the market. Cash profit fell to $390 million in the three months ended Dec. 31 from $415 million a year earlier, ANZ New Zealand said in a statement. Net profit dropped 18 percent to $347 million. The New Zealand branch's gross loan book expanded to $116.2 billion as at Dec. 31 from $107.7 billion, with mortgages...

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