ANZ laments high house prices amid record lending and profits

ANZ laments high house prices amid record lending and profits
ANZ NZ chief executive Antonia Watson says house prices are unsustainable. (Image: Getty)
Jenny Ruth
ANZ Bank New Zealand lifted annual net profit 44% after writing back previous covid-related charges for bad debts and lending a record amount on mortgages.The bank's net profit for the year ended September rose to $1.92 billion from $1.34b the previous year, writing back $115 million of previous bad-debt charges compared with a $401m charge last year.Home lending increased by $9.3b to $99b, up from the $5.1b it lent on mortgages the previous year, but lending to businesses and farmers fell.And ANZ also fattened its profit margin by 20 basis...

More Finance

IRD issues warning to crypto holders ahead of audits
Finance

IRD issues warning to crypto holders ahead of audits

The IRD has identified 227,000 crypto-asset users in NZ and contacted those at risk.

Staff reporters 04 Jul 2024
$1.65b project to simplify switching banks a 'flop'
Finance

$1.65b project to simplify switching banks a 'flop'

Open banking has hindered competition rather than helping it, says lobby.

AAP 04 Jul 2024
MTF to investigate bullying claims
Finance Exclusive

MTF to investigate bullying claims

Chief executive Chris Lamers said he takes the claims 'very seriously'.

Murray Jones 04 Jul 2024
Payments NZ could play key role in open banking standards
Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 01 Jul 2024