ANZ delivers profit just shy of $2 billion

ANZ has delivered a profit just short of $2 billion for the financial year to September 30.

In the results released today ANZ New Zealand delivered a profit of $1.986 billion, up 12 per cent from the previous financial year.

Its cash profit was also up three per cent to $1.904 billion.

ANZ New Zealand chief executive officer David Hisco said the strong results reflect the performance of the economy, credit quality improvements, digital innovation and costumer service.

“The continued strength of the economy – strong exports and tourism sector aided by a lower dollar, continued demand for houses and growth in household incomes – has been good for our business,” Mr Hisco said.

“The Government’s investment in major infrastructure across the country and trade achievements are providing jobs and fuelling consumer spending and saving.

“We have also had a significant reduction in provision charges – funds set aside for bad debts – due to credit quality improvements across our Retail, Commercial and Agri businesses.”

ANZ reaches profit of $1.968 billion. Source: istock.com