ANZ increases cash profit as net interest margins get squeezed

(Image: Getty)

Tue, 07 May 2024

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its 2023 financial year.Meanwhile, its statutory profit, which includes gains and losses from economic hedges, was just over $1.03b, down 8% over the same period.Changes in deposit mix and lower term deposit margins dropped the bank’s net interest margin by nine...

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