ANZ profit jumps 20pc

RICHARD MEADOWS
Last updated 11:33 15/08/2014

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ANZ's latest profit figures have leapt more than 20 per cent as it claims to have outperformed its rivals across several key areas.

The country's biggest bank made an unaudited net profit of $1.24 billion in the nine months to June 30, up sharply from $1.03b for the same period last year.

That puts it on track to eclipse last year's record full-year profit of $1.37b.

The Australian-owned bank achieved growth of $3.68b in gross lending since September 30, which ANZ said was driven by market share growth in home loans, credit cards and commercial lending.

ANZ claimed to be market leader for new-home lending in all major cities, including Auckland and Christchurch.

In Australia ANZ reported an unaudited statutory net profit of A$5b (NZ$5.5b), up 8 per cent on the same period in 2013.

ANZ group chief executive Mike Smith said the New Zealand performance had been "consistent".

"In New Zealand we have had a continuing productivity focus following the brand and systems merger and our market position is seeing us benefit from the economic upturn outperforming peers across a range of metrics," he said.

The record half-year profit reported three months ago incensed the bank workers' union, which called for it to share the rewards with stressed staff trying to meet "unrealistic targets".

On Wednesday ASB Bank reported a record annual profit of $806m after tax, up 14 per cent on the back of higher profit margins and lower funding costs.

ASB was the first of the major banks to report its annual result, with others to follow in October.

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