The boss of our largest bank says its latest rise in profit doesn't tell the full story. 

ANZ New Zealand's annual profit has reached a new record high of $2.53 billion – up 21% on last year. 

That compares to a 13% rise for Westpac and no major change for BNZ and ASB. 

But Chief Executive Antonia Watson told Mike Hosking when you exclude the bank's hedging investments, cash profit isn't rising nearly as fast. 

She says that headline growth in a cost of living crisis is very uncomfortable, but underlying profit is only up 4%. 

LISTEN ABOVE 

The boss of our largest bank says its latest rise in profit doesn't tell the full story.&nbsp;
ANZ New Zealand's annual profit has reached a new record high of $2.53 billion – up 21% on last year.&nbsp;
That compares to a 13% rise for Westpac and no major change for BNZ and ASB.&nbsp;
But Chief Executive Antonia Watson told Mike Hosking when you exclude the bank's hedging investments, cash profit isn't rising nearly as fast.&nbsp;
She says that headline growth in a cost of living crisis is very uncomfortable, but underlying profit is only up 4%.&nbsp;
LISTEN ABOVE&nbsp;

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

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Antonia Watson: ANZ CEO on the bank's annual profit reaching a record high of $2.53 billion

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e1615e66-236c-47ff-a658-b391013f5ffc/transcript