ANZ lifts net profit 18% on covid write-backs

ANZ Bank NZ chief executive Antonia Watson says house prices need to be sustainable.

Wed, 05 May 2021

ANZ Bank New Zealand lifted first-half net profit 18% after it wrote back less than 20% of its covid-related charges against profit and cut operating expenses.NZ's largest bank reported a $930 million net profit for the six months ended March compared with $789m in the same six months a year earlier. It wrote back $70m out of $401m of covid-related charges made in the previous first-half and in the six months ended September last year.The bank's preferred cash measure of profit, which excludes the impact of hedging, was up 42% at $962m....

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