Margin growth underpins ANZ NZ as hedging buffets bottom line

ANZ is taking a cautious approach to an uncertain environment. (Image: Getty)

Fri, 05 May 2023

ANZ New Zealand reported a 9% decline in first-half profit as the bottom line was knocked by its billion-dollar hedging programme. Still, the bank’s favoured measure – cash profit – improved as NZ’s biggest lender benefited from wider margins as the pace of deposit rates increases lagged behind more sensitive hikes in lending rates, and as the cost of meeting restrictions in the regulated outsourcing policy wash through the books. Net profit fell to $1 billion in the six months ended March 31 from $1.1b a year...

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