Fatter margins soften hedging losses for ANZ NZ

Rising rates are driving up lending and deposit rates. (Image: Getty)

Mon, 13 Nov 2023

ANZ Bank New Zealand’s underlying earnings were bolstered by fatter margins, although the country’s biggest lender booked a 7% decline in annual profit as its hedging programme stayed in the red. The bank reported a net profit of $2.14 billion in the 12 months ended Sept 30, down from $2.3b a year earlier, with $127 million of losses on its economic hedging weighing on the lender’s bottom line, having turned in a gain of $235m a year earlier. Stripping out those movements in the value of the financial instruments it...

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