ANZ New Zealand Reports NZ$2.28 Billion Cash Profit for 2024

Highlights:

• Solid Cash Profit Growth: ANZ New Zealand (NZX: ANZ) reported a 1% rise in after-tax cash profit, reaching NZ$2.28 billion for the year ending September, despite market challenges.
• Mixed Statutory Results: Statutory after-tax profit, which includes economic hedge adjustments, declined by 2% to NZ$2 billion, reflecting volatility in financial markets.
• ANZ Group Performance: Across Australia and New Zealand, ANZ's group after-tax profit was A$6.5 billion (NZ$7.21 billion), an 8% drop year-on-year, showing the impact of increased costs and strategic investments.

Profit Growth Amidst Challenging Environment

ANZ New Zealand (NZX: ANZ) has reported a solid financial performance for the year ending September, achieving a cash profit of NZ$2.28 billion after tax, representing a 1% increase from the previous year. This rise, equivalent to an additional NZ$22.9 million, showcases the bank's resilience despite economic headwinds and regulatory challenges.

The bank’s statutory after-tax profit, which accounts for gains and losses from economic hedges, was NZ$2 billion—a 2% decrease compared to the prior year. The dual-listed ANZ Group, which operates across New Zealand and Australia, recorded an after-tax profit of A$6.5 billion (NZ$7.21 billion) for the same period, reflecting an 8% decline from the prior year, at the time of writing.

Australian Operations See Decline, Suncorp Acquisition Excluded

In its Australian division, ANZ’s group cash profit was A$6.7 billion, or A$6.9 billion when excluding the recent A$196 million acquisition of Suncorp Bank. This represents an 8% decrease from the previous year, underscoring the impact of rising costs and market volatility across the sector.

Focus on Long-Term Strategy

CEO Shayne Elliott emphasized ANZ's commitment to its long-term strategy, noting that targeted investments in technology and customer experience have positioned the bank well for sustainable growth. ANZ aims to further leverage its strong customer base in New Zealand while navigating the economic challenges in both markets.

The year’s results underline ANZ’s ability to maintain stable performance amidst fluctuating market conditions, solidifying its position in the New Zealand banking sector.

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