ANZ National Bank, New Zealand's biggest lender, reported a fall in lending volumes in the final three months of last year, even as it grew its deposit book.
Its Australian parent, Australia & New Zealand Banking, said its New Zealand business reported a 0.7 per cent fall in lending volumes in the three months ended December 31, and 2.4 per cent growth in deposits.
Group profit before provisions rose 6 per cent to A$2.3 billion on a 5 per cent lift in revenue to A$4.3 billion.
It took a A$239 million charge on providing for impaired assets, and expects this year's provisioning to be about the same level or slightly lower. Net profit was A$1.48 billion.
"There will not be a return to the level of credit growth that banks experienced pre-crisis for the foreseeable future, particularly in our major domestic markets in Australia and New Zealand," chief executive Mike Smith said.
