ANZ NZ annual profit falls 27%

Thu, 29 Oct 2020

ANZ Bank's annual profit fell 27 percent as charges for bad loans more than quadrupled and operating expenses rose 10 percent due to more expensive regulatory compliance and winding up the Bonus Bonds scheme.The bank, New Zealand's largest, reported a $1.34 billion net profit for the year ended Sept. 30, down from $1.83 billion the previous year.The latest result includes a $32 million loss on the sale of UDC Finance plus a further $23 million loss from unwinding economic hedges of UDC loans. The year-earlier result included a $66 milli...

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