ANZ GROUP HOLDINGS LIMITED For Release: 15 August 2014
ANZ New Zealand Disclosure Statement nine months to June 2014- Strategy driving growth, productivity benefits and improved customer coverage -
Australia and New Zealand Banking Group Limited (ANZ) NZ Branch Disclosure Statement for the nine months ended 30 June 2014 was released today, showing a strong performance for ANZ New Zealand1 with unaudited cash profit2 of NZ$1.27 billion, up from $1.06 billion
in the corresponding period in FY13 (PCP).
Unaudited statutory profit was NZ$1.24 billion, up from $1.03 billion, reflecting improvement in the economy, with increased credit quality, a lift in lending and deposits, and cost reductions and productivity gains from simplifying the business.
Unaudited cash profit of $1.27 billion, up 19%.
Unaudited statutory profit of $1.24 billion, up 21%.
Growth of $3.68 billion in gross lending since 30 September 2013, driven by market share growth in home loans, credit cards and commercial lending. ANZ is now market leader for new home lending in all major New Zealand cities including Auckland and Christchurch.
Growth of 6% in customer deposits over the nine months.
ANZ is continuing to deliver productivity benefits from the merger of its brands and technology platforms with branch coverage of the New Zealand market improving.
Improved credit impairment result and further decrease in impaired assets, reflecting the improving economy and strong management of bad debts.
A table of key financial information follows
For media enquiries contact: Pete Barnao
Communications Manager, Media
Tel: +64-9-252 6623 or +64-27-277 3139
Email: Pete.Barnao@anz.com
1 ANZ New Zealand represents all of ANZ's operations in New Zealand, including ANZ Bank New Zealand Limited, its parent company ANZ Holdings (New Zealand) Limited and the New Zealand branch of ANZ.
2 Statutory profit has been adjusted to exclude non-core items to arrive at cash profit, the result for the ongoing business activities of ANZ New Zealand. All comparisons in Key Points are on a cash profit basis and relate to the prior comparative period unless otherwise stated. Refer to Summary of Key Financial Information for details of reconciling items between cash profit and statutory profit.
Summary of Key Financial Information - ANZ New ZealandProfit (unaudited) 9 Months 9 Months Movement Movement Year 30 June 30 June June 14 v June 14 v September 2014 2013 June 13 June 13 2013 $m $m $m % $m | |
Net interest income Other external operating income Operating income Operating expenses Profit before credit impairment and income tax Provision for credit impairment Profit before income tax Income tax expense | 2,056 1,958 98 5% 2,641 761 689 72 10% 868 |
Net interest income Other external operating income Operating income Operating expenses Profit before credit impairment and income tax Provision for credit impairment Profit before income tax Income tax expense | 2,817 2,647 170 6% 3,509 1,096 1,155 (59) -5% 1,498 |
Net interest income Other external operating income Operating income Operating expenses Profit before credit impairment and income tax Provision for credit impairment Profit before income tax Income tax expense | 1,721 1,492 229 15% 2,011 (20) 50 (70) large 65 |
Net interest income Other external operating income Operating income Operating expenses Profit before credit impairment and income tax Provision for credit impairment Profit before income tax Income tax expense | 1,741 1,442 299 21% 1,946 476 382 94 25% 513 |
Cash profit 1,265 1,060 205 19% 1,433 | |
Reconciliation of cash profit to statutory profit Cash profit 1,265 1,060 205 19% 1,433 Reconciling items (net of tax): Economic hedging volatility1 (29) (14) (15) large (39) Insurance policy asset valuations2 7 (17) 24 large (25) | |
Statutory profit 1,243 1,029 214 21% 1,369 | |
Consisting of: Retail Commercial Operations & Support New Zealand Businesses Wealth Institutional Other | 327 268 59 22% 380 549 525 24 5% 699 (1) (18) 17 -94% (11) |
Consisting of: Retail Commercial Operations & Support New Zealand Businesses Wealth Institutional Other | 875 775 100 13% 1,068 148 55 93 large 79 237 235 2 1% 281 5 (5) 10 large 5 |
Cash profit 1,265 1,060 205 19% 1,433 | |
Reconciling items (22) (31) 9 -29% (64) | |
Statutory profit 1,243 1,029 214 21% 1,369 | |
1. Economic hedging - fair value gains/(losses) ANZ New Zealand enters into economic hedges to manage its interest rate and foreign exchange risk. Statutory profit includes volatility fromfair value gains or losses on economic hedges that are not designated in accounting hedge relationships under IFRS, as well as ineffectiveness fromdesignated accounting cash flow and fair value hedges. Fair value gains/(losses) on all of these economic hedges are excluded fromcash profit, as the profit or loss resulting fromthese transactions will reverse over time to match the profit or loss fromthe economically hedged item. 2. Insurance policy assets Profit and loss volatility is created by the remeasurement of policyholder assets for changes in market discount rates, which over time reverses to zero. |
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