ANZ New Zealand maintains strong performance

<p>Australia and New Zealand Banking Group Limited (ANZ) today announced its interim results for the half year ended 31 March 2012, reporting an improved performance for ANZ New Zealand1.</p> <p>Underlying profit for the half year was $684 million, up 7% on the preceding half.</p> <p>ANZ New Zealand Chief Executive Officer David Hisco said: &ldquo;This builds further on our good business performance. We have maintained momentum in the first half of 2012 and continue to strengthen the bank despite the moderating impact of a subdued economy and weak credit growth.</p> <p>&ldquo;Our improved performance reflects an increase in revenue and further reductions in funds set aside to cover bad debts as the economy continues its gradual recovery. Our solid financial position means we are well placed to keep investing in New Zealand, while supporting customers and contributing to the economic recovery against an uncertain global backdrop.&rdquo;</p> <p>Highlights:</p> <ul> <li> Underlying profit2 of $684 million compared with $638 million in the preceding half</li> </ul> <ul> <li> Statutory profit of $615 million</li> </ul> <ul> <li> Income up 3%</li> </ul> <ul> <li> Provision charge of $99 million, down 3%</li> </ul> <ul> <li> Customer deposit growth of 4%</li> </ul> <p>&nbsp;</p> <p>Mr Hisco said borrowing volumes were relatively subdued as households and businesses continued to repay debt. Credit quality continued to improve.</p> <p>&ldquo;We continue to support small businesses, in recognition of the challenges they face in the current environment and their key role in underpinning economic recovery. In response to emerging demand in the housing market, we have run a series of seminars to help buyers learn more about the process. These have been attended by hundreds of people in towns and cities across New Zealand.<br /> <br /> &ldquo;We have also made our mortgage process easier for customers, without compromising on our obligations as a responsible lender.</p> <p>&ldquo;This reflects wider progress in simplifying our products and processes for customers. Our simplification programme is enabling us to further improve our customer experience. For example, retail products have been reduced from 140 to around 100, ensuring all our products are simple to understand and relevant to customer needs.</p> <p>&ldquo;Following on from our success last year in winning the Sunday Star-Times Canstar Cannex Bank of the Year Award, our Wealth business through OnePath recently took out the Morningstar Fund Manager of the Year and KiwiSaver Manager of the Year awards. We had further success with The National Bank being named the inaugural Best Agribusiness Bank New Zealand by the financial services research and ratings group CANSTAR.</p> <p>&ldquo;We will continue to work hard to provide the quality products and services customers want. We have more staff, branches and ATMs in more communities than any other bank in New Zealand, ready to help our customers wherever they are. This unmatched local presence and commitment to service, coupled with our connections across the growth markets of Asia-Pacific, positions us well to keep on delivering for customers and the New Zealand economy,&rdquo; Mr Hisco said.</p>