Antonia Watson: ANZ Chief Executive on the bank's annual profit going up by 21 percent
Heather du Plessis-Allan Drive · Newstalk ZB
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Show Notes
A $2.5 billion dollar boost for our largest bank.
ANZ New Zealand's announced a 21 percent increase in its annual profit.
It's largely down to a good year for the bank's hedging - investments designed to offset financial risks.
Chief Executive Antonia Watson says the bank also grew its balance sheet, and adjusted funds set aside for covering unpaid loans.
"In a sign of green shoots, we've actually released some of the credit provisions that we took in previous years."
Westpac has had a 13 percent profit increase - and BNZ's had no change.
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