ANZ Bank has reported a 25 per cent rise in annual profit in New Zealand, beating the $1 billion barrier with the help of a 59 per cent fall in bad debts.

Westpac New Zealand has posted a 41 per cent rise in annual cash earnings after a big drop in impairment charges as rise in income as net interest margins rose.

Something's happening here, as the 60s song goes, but what that might be is harder to pin down.

Shares soared in Europe overnight and are well up on Wall St after European leaders agreed on a Greek debt deal.

The Reserve Bank has this morning left the Official Cash Rate unchanged at a record low 2.5 per cent. The move was widely anticipated, with this week's inflation numbers coming in lower than predicted.

Anyone hoping for a weekend fix to the global banking sector will have to wait a little longer - perhaps a lot longer.

Goldman Sachs Group, whose shares have fallen 43 per cent this year, may report its lowest quarterly profit since the 2008 financial crisis.

Sharemarkets in Europe and the US are up after investors appeared to endorse the European plan to recapitalise threatened banks.