UPDATE ANZ New Zealand 1Q profit sinks 25 percent from inflated 2011 derivative gains

Thu, 14 Feb 2013

(Update to add local spokesman comment) Feb. 15 (BusinessDesk) - ANZ New Zealand, the country's biggest lender, reported a 25 percent fall in first-quarter profit as the value of the bank's hedging derivatives return to more normal levels, and as interest margins softened. Net profit dropped to $300 million in the three months ended Dec. 31, from $400 million a year earlier, according to ANZ New Zealand's general disclosure statement. Net interest income fell 2.5 percent to $651 million, and other operating revenue more than halved to $93 mi...

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