ANZ New Zealand1 (ANZ NZ) today reported a statutory2 net profit after tax (NPAT) of NZ$1,336 million for the 12 months to 30 September 2020 – a 27% decrease on the 2019 financial year.
Cash NPAT was NZ$1,371 million, 29% down on the previous year.
ANZ NZ Chief Executive Antonia Watson said the results reflected a significant uplift in the charge for expected credit losses due to changes in the economic environment, the sale of UDC Finance Limited (UDC) in September 2020, together with benefits in the previous financial year from the sales of OnePath Life (NZ) Limited and ANZ NZ’s share in Paymark Limited.
“COVID-19 brought unprecedented challenges to our country and consequently for many businesses, including ANZ NZ, and this is reflected in our full-year result. Despite the difficult year, ANZ NZ has continued to perform well, demonstrating it can weather challenging economic conditions and play an important role in supporting customers through the crisis,” said Ms Watson.
“As New Zealand’s largest bank, we’ve been in a unique position to assist thousands of Zealand businesses through a period of severely curtailed business activity.
“I’m proud that, despite such challenging conditions, we’ve been able to continue to lend and provide certainty to customers with an approach that is fair, transparent and consistent so access to credit isn’t a factor that holds them back.
“New Zealand has made much better progress in fighting the virus than most countries. While that’s encouraging there will be many challenges as the country emerges from the high level of response and starts to rebuild.”