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

Thu, 16 Feb 2017

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. ...

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