ANZ bank posts 23% first-half profit lift
Photo:
RNZ / Marika Khabazi
The country's biggest bank has posted a 23 percent lift in first half profit driven by gains from financial hedges, lower costs, and reduced bad debts.
ANZ's profit for the six months ended March was $1.28 billion on the back of instruments to protect against foreign exchange and interest rate volatility.
Leaving aside those gains the cash profit was up 3 percent to about $1.2b with a slight increase in lending, higher deposits, and a small gain from money set aside for bad debts that did not eventuate.
Chief executive Antonia Watson said the bank's performance reflects the broader economy with customers cautious about spending, but is benefiting from lower mortgage rates and paying off debt quicker.
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