Story image

ANZ Bank reports 11% profit drop

03 May 2016

ANZ Bank has today released its half year results for 2016, reporting unaudited cash profits of $751 million, down 11% for the same period the year earlier.

The bank has seen net interest income rise by 5% compared with the March 2015 half, which the company says primarily reflects continued lending growth, while interest margins have contracted due to strong lending competition and a customer preference for fixed rate mortgages.

 ANZ New Zealand chief executive officer David Hisco says the first half last year reflected a strong performance in the markets business compared with a difficult trading period this half.

“We have maintained our momentum in a highly competitive market and are building a stronger, more efficient business while delivering on our vision to help Kiwis get ahead in their lives,” Hisco says.

“We are doing this by offering unrivalled connections across the region and the best combination of convenience, service and price,” he says.

"Our ongoing focus on simplification is improving efficiency for staff and making banking easier for our customers,” adds Hisco.

Hisco says the bank is continuing to grow lending and deposits and have increased market share across key products including home loans and household deposits.

“We remain the largest mortgage lender across all major cities,” he says.

Hiscoe says ANZ New Zealand is evolving as customers change the way they do their banking.

“We have continued to innovate, introducing new digital services including goMoney Wallet for Android users, self-service password resets and self-service funds transfers for KiwiSaver on Internet Banking,” Hisco explains.

“Combined with these new digital capabilities, our focus on having the best people in the right places is paying off with growth in the key Auckland and Christchurch markets and in migrant and small business banking,” he says.

Hisco says ANZ New Zealand was the largest supplier of capital to the economy, from individuals and small firms to farmers and large institutional clients.

“The more than NZ$100 billion of ANZ lending that is deployed across New Zealand is playing an important role in the economic growth of the country – helping Kiwis buy homes and start and expand businesses,” he says.

Attacks targeting Cisco Webex extension explode in popularity - WatchGuard
WatchGuard's Internet Security Report for Q4 2018 also finds growing use of a new sextortion phishing malware customised to individual victims.
SAS partners with NVIDIA on deep learning and computer vision
“By partnering with NVIDIA, we combine our strengths to augment human intelligence and realise the true potential of AI.” 
Why businesses must embrace automation to ensure success
“For many younger workers, the traditional view of a steady job at one company, perhaps for life, simply doesn’t reflect reality."
TYAN unveils new inference-optimised GPU platforms with NVIDIA T4 accelerators
“TYAN servers with NVIDIA T4 GPUs are designed to excel at all accelerated workloads, including machine learning, deep learning, and virtual desktops.”
Worldwide spending on security to reach $103.1bil in 2019 - IDC
Managed security services will be the largest technology category in 2019.
Microsoft appoints new commercial and partner business director
Bowden already has almost a decade of Microsoft relationship management experience under her belt, having joined the business in 2010.
How Cognata and NVIDIA enable autonomous vehicle simulation
“Cognata and NVIDIA are creating a robust solution that will efficiently and safely accelerate autonomous vehicles’ market entry."
Kinetica launches a new active analytics platform
"With the platform now powered by NVIDIA DGX-2, customers can build smart analytical applications that combine historical data analytics and ML-powered analytics."