Ann: HALFYR: ANZ: ANZ New Zealand 2012 Half Year

• Release Date: 02/05/12 12:00
• Summary: HALFYR: ANZ: ANZ New Zealand 2012 Half Year Results Media Release
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ANZ
02/05/2012 10:00
HALFYR

REL: 1000 HRS Australia and New Zealand Banking Group Limited

HALFYR: ANZ: ANZ New Zealand 2012 Half Year Results Media Release

Australia and New Zealand Banking Group Limited ABN 11 005 357 522
Media Release
For Release: 2 May 2012
ANZ New Zealand maintains strong performance
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. Underlying profit2 for the half year was
$684 million, up 7% on the preceding half. ANZ New Zealand Chief Executive
Officer David Hisco said: "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. "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."
Highlights2
o
Underlying profit2 of $684 million compared with $638 million in the
preceding half
o
Statutory profit of $615 million
o
Income up 3%
o
Provision charge of $99 million, down 3%
o
Customer deposit growth of 4%
Mr Hisco said borrowing volumes were relatively subdued as households and
businesses continued to repay debt. Credit quality continued to improve. "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.
1 ANZ New Zealand represents all of ANZ's operations in New Zealand,
including ANZ National Bank Limited, its parent company ANZ Holdings (New
Zealand) Limited and the New Zealand branch of ANZ.
2 Reported profit has been adjusted to exclude non-cash and significant items
to arrive at underlying profit. All comparisons in Highlights are on an
underlying profit basis and relate to the preceding half unless otherwise
stated.
"We have also made our mortgage process easier for customers, without
compromising on our obligations as a responsible lender. "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. "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. "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," Mr Hisco said. A table of key
financial information follows. For media inquiries contact: Pete Barnao,
Corporate Affairs, ANZ New Zealand, Ph 09 252 6623 or 027 277 3139 Summary of
key financial informationANZ New ZealandHalf year Mar 2012Half year Sep
2011Half year Mar 2011Mar 12 v Sep 11Mar 12 v Mar 11Mar 12 v Sep 11Mar 12 v
Mar 11$M$M$M$M$M%%Net interest income1,363 1,313 1,285 50 78 4%6%Other
external operating income433 428 409 5 24 1%6%Operating income1,796 1,741
1,694 55 102 3%6%Operating expenses(764) (739) (759) (25) (5) 3%1%Profit
before credit impairment and income tax1,032 1,002 935 30 97 3%10%Provision
for credit impairment(99) (102) (85) 3 (14) -3%16%Profit before income tax933
900 850 33 83 4%10%Income tax expense(249) (262) (245) 13 (4) -5%2%Underlying
profit684 638 605 46 79 7%13%Adjustments to statutory profit(69) (31) (127)
(38) 58 large-46%Profit 615 607 478 8 137 1%29%Consisting of:Retail210 175
163 35 47 20%29%Commercial305 288 306 17 (1) 6%0%New Zealand Businesses515
463 469 52 46 11%10%Institutional174 182 166 (8) 8 -4%5%Other (5) (7) (30) 2
25 -29%largeUnderlying profit684 638 605 46 79 7%13%Adjustments to statutory
profit(69) (31) (127) (38) 58 large-46%Profit615 607 478 8 137 1%29%
End CA:00222445 For:ANZ    Type:HALFYR     Time:2012-05-02 10:00:05