Strong 1st qtr earnings gain in NZ for ANZ despite shrinking lending and margins

Strong 1st qtr earnings gain in NZ for ANZ despite shrinking lending and margins
Paul McBeth
By Paul McBeth Feb. 17 (BusinessDesk) - ANZ New Zealand, the local unit of Australia & New Zealand Banking Group, boosted first-quarter earnings 18 percent, benefiting from cost-cutting and smaller hedging losses, even as its loan book shrank and it faced skinnier margins.  Cash profit, the favoured earnings measure for banks that strips out non-core items, rose to $459 million in the three months ended Dec. 31 from $390 million a year earlier, the Auckland-based company said in a statement. Net profit gained 16 percent to $403 million. ...