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ANZ posts rise in net profit as interest margins get squeezed

Author
Newstalk ZB,
Publish Date
Tue, 7 May 2024, 4:52pm
ANZ New Zealand. Photo / File
ANZ New Zealand. Photo / File

ANZ posts rise in net profit as interest margins get squeezed

Author
Newstalk ZB,
Publish Date
Tue, 7 May 2024, 4:52pm

The country's largest bank has increased its cash profit, despite falling interest margins.

ANZ New Zealand's cash profit rose to $1.15 billion dollars in the six months to March.

That's stable on the previous six months, and up four percent on the same period the previous year.

Chief Executive Antonia Watson says the bank has taken on less provision for 'doubtful' debts this half.

"Revenue is under pressure, costs are under pressure - just like every other business is seeing. But we have had an advantage from that credit provision."

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