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Home / Business / Economy / Official Cash Rate

Profit up 7pc for ANZ

24 Oct, 2005 11:34 PM2 mins to read

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ANZ today posted an annual net profit of A$3.018 billion ($3.25b), up 7 per cent on the year earlier, with its New Zealand operations reporting a 7 per cent rise in profit to $528 million.


This year's results include a 12-month contribution from the National Bank of New Zealand (NBNZ), as
opposed to just 10 months' contribution last year.


ANZ bought the NBNZ from London's Lloyds TSB for A$4.915 billion in December 2003 to become New Zealand's biggest bank.


"The NBNZ franchise showed solid progress, however the extremely competitive environment coupled with increased spending to stabilise the ANZ retail business, subdued the result," chief executive John McFarlane said.


ANZ Retail in New Zealand posted a net profit of $203 million, down 3.2 per cent on the year-earlier, while National Bank Retail boosted its net profit by 17.6 per cent, to $262 million.


Net interest income in New Zealand rose 12 per cent over the year to $1.72 billion. Lending volumes were up 13 per cent for the year, but margins were squeezed -- falling 15 basis points -- thanks to the "mortgage war" which has been intermittently waged since the final quarter of last year.


Operating income was $2.5 billion, up from $2.26 billion, while operating expenses widened to $1.5 billion from $1.3 billion.


Mr McFarlane said he expected the New Zealand business to improve in the medium term.


"Notwithstanding the higher investment spending in the past year, going forward, we will continue to invest in faster growth segments," he said.


"In the near-term, we expect Australia will continue to drive our growth, with good momentum in our major divisions.


"In the medium-term, we expect New Zealand will deliver improved returns, and over the longer-term Asia will become increasingly meaningful."


He also said ANZ would become more externally focused.


"We are well advanced in a program to achieve this, including realising the benefits of New Zealand integration, reducing back office costs through process redesign and leveraging our capability in Bangalore, increased automation, and simplifying our technology architecture to improve speed to market," he said.


"Important also is leveraging our unique performance culture and values.


"These and other steps give us confidence that we will achieve our stated targets.'


ANZ declared a final dividend of A59 cents per share, fully franked, taking ordinary dividends for the year to A$1.10, compared to a total of A$1.01 in the previous year.


- NZPA


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