CORRECT: ANZ New Zealand's first-half earnings rise 24%, driven by institutional business

Mon, 01 May 2017

(Fixes incorrect net interest margin in 3rd paragraph) By Paul McBeth May 2 (BusinessDesk) - ANZ New Zealand, the local unit of Australia & New Zealand Banking Group, lifted first-half earnings 24 percent on a modest pickup in the lender's banking business and strong trading conditions from its institutional arm. Cash profit, the preferred earnings measure for the Australian-owned banks, rose to $928 million in the six months ended March 31 from $815 million a year earlier, the Auckland-based lender said in a statement. Net profit ros...

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