ANZ bank - NZ's largest - has posted a full year profit of more than $2 billion, an increase of 8% on the last financial year.
Chief executive Antonia Watson said the increase came on the bank of "pent-up economic activity post the pandemic and a buoyant housing market".
"Coming into the 2021-2022 financial year we didn't anticipate the New Zealand economy would hold up as well as it has," Watson said.
"While inflation and supply chain problems, particularly for importers and exporters, were an issue for many customers throughout the year the desire to get back to some kind of normal kept consumer spending up.
"While the housing market has quietened significantly in recent months, following four Official Cash Rate (OCR) rises since May, it was strong for most of the financial year."
Net profit after tax was a touch over $2 billion.
Home lending increased $5.3 billion to $104 billion.
Last week ANZ was the first of the Australian-owned NZ banks to lift mortgage rates in the wake of stubbornly high inflation data.
"Off the back of yesterday's inflation figures, as well as ongoing volatility in global markets there has been a significant increase in wholesale market rates," ANZ said at the time.
"With this in mind we are making changes to our fixed home loan rates whilst also updating our term investment rates to support customers to meet their savings and investment goals."
Inflation sits at 7.2%, with many predictions the Reserve Bank will hike the official cash rate at next month's update. It sits at 3.5%.
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