ANZ reports $1bn profit

ANZ New Zealand has reported a NZ$1.08 billion statutory net profit for the 2010/11 year to September 30, up 25 percent on the previous year's.

The bank's operations came in with an underlying net profit of NZ$1.24b, up from $882 million in the prior year.

ANZ said the result was substantially driven by a significant fall in provisions for bad and doubtful debt, which were down by 59 percent.

Tight cost control, reflecting continued simplification of ANZ New Zealand's business, was also a factor.

ANZ New Zealand, which includes The National Bank, OnePath, Direct Broking and EFTPOS, had a strong performance.

Across the Tasman, the parent company ANZ reported an annual net profit of A$5.36 billion, which was up 19 percent on the previous year's.


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