ANZ New Zealand has reported a statutory net profit after tax of $2.53 billion, up 21% on last year.
It said the increase was largely driven by gains of $163 million from economic hedges, compared to losses of $195 million in the 12 months to September 30, 2024.
Revenue was up 2%, which the bank said reflected lending and deposit growth. Expenses were up 3%, which the bank said was driven by inflationary impacts.
ANZ New Zealand reported a credit impairment release of $25 million, compared to a charge for $44 million for the 2024 financial year.
Customer deposits were up 5%, while gross loans and advances were up 4%. Funds under management were up 6% to $41.9 billion.
The bank said more than 40% of home loan customers were now ahead on payments by six months or more. Over 45% had savings buffers of $5000 or more.
It also reported $1 billion of tax was paid in the year, along with $550 million which was paid to suppliers, and $1 billion which was paid in salaries and wages.
ANZ New Zealand chief executive officer Antonia Watson said the economy is "finally picking up" after a longer than expected recovery.
"Confidence is returning, particularly in regional areas. However, Auckland and Wellington, because of the mix of their economies, will take longer to feel the improvement."
"If we don’t have any significant events, we expect the economy - driven by rural New Zealand - to be heading back to pre-Covid levels late in 2026, with the uplift when it comes likely to be broad-based."
Last week, BNZ reported a near $1.5 billion full year net profit. BNZ said this was down 0.5% on the previous year.
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