The New Zealand operations of the ANZ had focused on improving the quality of its agribusiness portfolio rather than outright growth, New Zealand chief executive David Hisco said yesterday. Releasing the bank’s annual result, Mr Hisco said the agribusiness portfolio had performed well during the downturn in global dairy prices as many farming customers adjusted their cost structures to remain profitable at more modest dairy payout ranges. That left a cash profit of $1.53billion, down 9% on the nearly $1.7billion reported in the pcp. The fall in other operating income — down 21% to $795million — reflected lower trading income and losses on hedging. Parent bank ANZ’s full-year cash profit fell 18% to $A5.9billion ($NZ6.2billion) and the bank said it might sell its Australian life insurance and superannuation business.

Source: Otago Daily Times November 03, 2016 17:09 UTC