ANZ's NZ profit fell 4% amid slowing housing market

Tue, 30 Apr 2019

By Jenny Ruth May 1 (BusinessDesk) - ANZ Bank says its first-half net profit from its New Zealand operations fell 4 percent as profits from retail lending eased amid a slowing housing market. Net profit for the six months ended March fell to $929 million from $964 million in the same six months a year earlier. This was despite a 3 percent rise in net interest income to $1.63 billion. Profits from retail lending fell 3 percent to $510 million, while profit from commercial and agricultural lending rose 3 percent to $286 million. “The...

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