New Zealand has its first billion dollar profit. On the back of an explosion in mortgage, retail and commercial lending, ANZ Bank New Zealand has announced a 20 percent rise in rewards for its efforts to earn a profit this year of $1.01 billion.Graham Hodges (right) is the chief executive responsible for this superb result, and he modestly says he is "very pleased... We had expected the economy would slow a little bit faster than what it has this year." However, conditions would likely deteriorate next year. "That means that credit growth, an underlying driver for the performance for our business, is also likely to slow." Stuff reports:
Net loans and advances rose 13 per cent to $78b, led by a 15-per cent rise in lending by ANZ Retail and a 10-per cent increase at National Bank Retail... ANZ's fastest-growing New Zealand business was corporate and commercial banking, which doubled its profit for the year to $172m. ANZ retail banking profit rose 7 per cent to $205m, while National Bank retail profit was up 21 per cent at $266m.But it's not all good. Half a billion dollars are given to the grey ones in tax.
LINKS: ANZ on top form says CEO - NZ Herald
ANZ records $1bn profit in NZ - Stuff
ANZ National - TVNZ
RELATED: New Zealand, Economics
2 comments:
Another quote from Stuff...
"Though unemployment is at an all-time low, the Government is expected to spend $14.3 billion on benefits this year, nearly $2 billion more than five years ago."
Less beneficaries equals more welfare spending? Even with enflation that just prozes the government has no idea how to handle money.
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