Strong jobs market helps offset rate rises, ANZ’s Watson says

Strong jobs market helps offset rate rises, ANZ’s Watson says
CEO Antonia Watson says people didn't take their eye off the ball when rates were low. (Image: Getty)
Paul McBeth
The country’s ongoing job creation and rising incomes are helping to offset rising interest rates and limiting the stress on mortgage borrowers, according to ANZ New Zealand chief executive Antonia Watson. The local unit of ANZ took a cautious tone in its outlook when reporting a first-half net profit of $1 billion on Friday, recognising $120 million of credit impairment charges and total provisioning of $860m. Watson said signs of stress are re-emerging, returning to pre-covid levels, and the bank is working with customers who...

More Finance

No longer 'boutique' Generate is executing, CEO says
Finance

No longer 'boutique' Generate is executing, CEO says

The fund manager is now the seventh-largest KiwiSaver provider.

ANZ half-year profit surges on non-cash gains
Finance

ANZ half-year profit surges on non-cash gains

Cash earnings were flat, and net interest margin rose slightly.

Pattrick Smellie 08 May 2025
BNZ preserves margins on flat half-year
Finance

BNZ preserves margins on flat half-year

BNZ outranks its Australian cousins for customer preference.

Pattrick Smellie 07 May 2025
Westpac's NZ net interest margin expands again
Finance

Westpac's NZ net interest margin expands again

Net interest margins rose in NZ, but shrank for the group as a whole.

Pattrick Smellie 05 May 2025