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.

LISTEN ABOVE

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.&nbsp;
"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.
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Antonia Watson: ANZ Chief Executive on the bank's annual profit going up by 21 percent

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/832dfd07-c541-41b2-ba05-b391003a97e0/transcript