The country's largest bank has increased its cash profit, despite falling interest margins.

ANZ New Zealand's cash profit rose to $1.15 billion dollars in the six months to March.

That's stable on the previous six months, and up four percent on the same period the previous year.

Chief Executive Antonia Watson says the bank has taken on less provision for 'doubtful' debts this half.

"Revenue is under pressure, costs are under pressure - just like every other business is seeing. But we have had an advantage from that credit provision."

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