Media Release
For Release: 17 February 2015

ANZ New Zealand continues strong performance
Australia and New Zealand Banking Group Limited (ANZ) NZ Branch Disclosure Statement
for the three months ended 31 December 2014 was released today, showing a lift inperformance for ANZ New Zealand1 with unaudited statutory profit of NZ$425 million, up
from NZ$393 million in the three months ended 31 December 2013.
Unaudited cash profit2, boosted last year by a net release of credit impairment provisions,
was steady at NZ$415 million compared with NZ$416 million in the prior comparativeperiod.
Continuing confidence in the New Zealand economy is seeing a lift in economic activity,
reflected in increased lending. This has resulted in improved profit before credit impairment.
Key points2


Unaudited cash profit of NZ$415 million.



Unaudited statutory profit of NZ$425 million.

Profit before credit impairment up 5%.

Gross lending up 5%.

Customer deposits up 7%.

A table of key financial information follows below

For media enquiries contact:
Pete Barnao
Communications Manager, Media
Tel: +64-9-252 6623 or +64-27-277 3139Email: Pete.Barnao@anz.com

1

ANZ New Zealand represents all of ANZ’s operations in New Zealand, including ANZ Bank New Zealand Limited, its
parent company ANZ Holdings (New Zealand) Limited and the New Zealand branch of ANZ.
2Statutory profit has been adjusted to exclude non-core items to arrive at cash profit, the result for the ongoing
business activities of ANZ New Zealand. All comparisons in Key Points are on a cash profit basis and relate to theprior comparative period unless otherwise stated. Refer to Summary of Key Financial Information for details ofreconciling items between cash profit and statutory profit.

Summary of Key Financial Information - ANZ New Zealand(All figures in New Zealand dollars)Profit (unaudited)

3 Months
31 Dec2014$M

3 Months
31 Dec2013$M

Movement
Dec 14 v
Dec 13$M

Movement
Dec 14 v
Dec 13%Year
September
2014$M

Net interest income
Other external operating income
Operating income
Operating expenses
Profit before credit impairment andincome tax
Provision for credit impairment
Profit before income tax
Income tax expense

717
252
969
384

688
242
930
372

291039124%
4%4%3%

2,765
1,023
3,788
1,490

585

558

27

5%

2,298

13572
157(19)
577
161

32(5)
(4)

large
-1%-2%(9)
2,307
624

Cash profit

415

416

(1)

0%

1,683

416

(1)

0%

1,683(19)13-68%

11

Reconciliation of cash profit to statutory profit
Cash profit
415
Reconciling items (net of tax):
Economic hedging volatility 1(6)Insurance policy asset valuations

216(4)

20

large

17

Statutory profit

425

393

32

8%

1,711

Consisting of:RetailCommercialOperations & Support
New Zealand Businesses
WealthInstitutional
Other125192(1)
316
3168-

127
183
(12)
298
26
98(6)

(2)
911
185(30)
6-2%
5%
-92%
6%
19%
-31%
-100%

451
725
2
1,178
181
322
2

Cash profit

415

416

(1)

0%

1,683

Reconciling items

10(23)

33

large

28

Statutory profit

425

393

32

8%

1,711

1. Economic hedging - fair value gains/(losses)
ANZ New Zealand enters into economic hedges to manage its interest rate and foreign exchange risk.
Statutory profit includes volatility from fair value gains or losses on economic hedges that are notdesignated in accounting hedge relationships under IFRS, as well as ineffectiveness from designatedaccounting cash flow and fair value hedges. Fair value gains/(losses) on all of these economic hedges are
excluded from cash profit, as the profit or loss resulting from these transactions will reverse over time tomatch the profit or loss from the economically hedged item.
2. Insurance policy assets
Profit and loss volatility is created by the remeasurement of policyholder assets for changes in market
discount rates, which over time reverses to zero.