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

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

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/5474d5c6-3e19-45e9-9ff3-b391003a9629/transcript

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