Thursday 3rd November 2011
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Australia and New Zealand Banking Group reported a 25 percent rise in annual profit in New Zealand, beating the $1 billion barrier with the help of a 59 percent fall in bad debts.
The largest bank in New Zealand reported a $1.085 billion profit in the year to Sept. 30, up $867 million a year earlier. The annual provision for bad and doubtful debts fell to $187 million from $461 million.
The second-half profit of $607 million is up 27 percent on the first half. The underlying annual profit of $1.24 billion is up 41 percent on last year.
The operator of ANZ and National Bank brands didn’t say anything about dropping the National Bank brand, which has been a source of speculation.
The massive increase in annual profit was achieved on a 4 percent rise in net interest income. Operating income rose 7 percent. The company said tight management of costs contributed to the result. Costs fell 2 percent.
A breakdown of the annual result showed a 44 percent rise in earnings from the retail division, a 61 percent rise from the commercial division and a 5 percent fall in earnings from the institutional division.
The provisions for bad debts in the second half rose 20 percent from the first half to $102 million.
The Australian parent posted a 19 percent increase in annual profit to A$5.36 billion.
The shares were unchanged at $27.25 on the NZX and have fallen 10 percent this year.
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