ANZ’s annual profit jumps 20% as margins fatten

CEO Antonia Watson said the NZ economy was stronger than expected. (Image: ANZ)

Thu, 27 Oct 2022

ANZ Bank New Zealand’s annual net profit jumped 20% as margins fattened in the second half and on hedging gains.Statutory net profit for the year ended September rose to $2.3 billion, from $1.92b the previous year, with hedging gains contributing $235 million, compared with just $12m the previous year.Net interest margin rose 24 basis points to 2.59% over the year and the second half contributed a 26bp improvement.Chief executive Antonia Watson said in a statement that the cash profit increase of 8% “was a result of a combination of...

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