Watson said that from talking to business customers across the country, confidence remained very subdued.

Watson said many customers took the opportunity to pay down debt while interest rates were low, and that a third are ahead on their home loans by six months or more.Ĭustomers were also benefiting from term deposit rates being around five times higher for popular terms than they were before rates began rising. “As the country’s largest bank, we are acutely aware of the role we play in supporting customers through tough times and have a team dedicated to working directly with impacted customers and communities.” “With the flooding in Auckland in January and Cyclone Gabrielle in February, this has been a tough six months for many New Zealanders,” she said. Watson also acknowledged the difficult circumstances facing New Zealanders nationwide with many dealing with a rising cost of living and recent natural disasters that have devastated large parts of the country. “The actual profitability of ANZ NZ, which measures our returns versus the amount of capital committed by shareholders, is middle of the pack when compared to large companies listed on the New Zealand stock exchange,” Watson said. Watson acknowledged that a $1.1 billion profit was “a large number” but said it needed to be put into the context of the size of ANZ’s business and the role banks like ANZ play in supporting economic activity in New Zealand. “While a rising interest rate environment contributed to the result, this was offset by intense competition in home lending, which we expect to remain a feature of the market for some time into the future.” “The New Zealand economy has remained remarkably resilient, however the impact of a softening housing market, stubbornly high inflation and the impact of a rising official cash rate is starting to have a material impact on businesses and households,” she said. Its credit impairment charge came to $121 million, up $62 million.Ĭustomer deposits and net loans and advances were broadly flat.Ĭhief executive Antonia Watson said it was a good result, with all parts of the business performing well, but she added the bank was preparing for an uncertain economic environment. The bank’s statutory net profit fell by 17 per cent to $1.0 billion.

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