ANZ New Zealand, the country's biggest bank, made profit of almost $677 million in the December 2024 quarter, according to the latest update of the Reserve Bank's Bank Financial Strength Dashboard.
ANZ NZ's profit after tax for the three months to December 31 weighed in at $676.7 million. That's the highest quarterly profit the bank has made at least since the dashboard was introduced in the March 2018 quarter, and is almost certainly its most profitable quarter ever.
News of the bank's monster quarterly profit comes after a Commerce Commission market study into competition for personal banking services last year made 14 recommendations to boost competition, which the Government pledged to implement. Meanwhile, a parliamentary banking inquiry continues.
Based on its quarterly pre-tax profit of $940 million, ANZ NZ made $10.22 million a day during the December quarter.
ANZ NZ has total assets of almost $210 billion. That's way more than BNZ, NZ's second biggest bank by assets at $135 billion. BNZ's December quarter profit was $335 million. ANZ NZ's December quarter return on assets was 1.3%, BNZ's 1%.
ANZ NZ's quarterly return on equity was 14.1% versus 10.7% in the September quarter, and 9.2% in the December 2023 quarter. At 2.5%, its net interest margin topped the 2.4% of both those two previous quarters.
ANZ NZ's quarterly profit has topped $600 million at least three times previously, reaching $650 million in March 2024 quarter, $611 million in June 2022, and $604 million in March 2022.
The December 2024 figure was up $164 million, or 32%, from $513 million in the September 2024 quarter, and was $245 million, or 57%, higher than the $432 million from the December 2023 quarter.
A $132 million gain on trading and hedging helped. In comparison the bank recorded a $57 million loss in the September 2024 quarter, and a $157 million loss in the December 2023 quarter.
December quarter net interest income was $1.143 billion versus $1.121 billion in September 2024, and $1.089 billion in December 2023.
Fees and commissions totalled $125 million versus $114 million and $138 million, respectively. All other income was $3.3 million versus $1.7 million and $5.1 million.
At $459 million, operating expenses were up $3 million from the September quarter and $18 million higher than the December 2023 quarter. Impaired asset expense of $4.5 million compared to $12.2 million in the September 2024 quarter, and $3.3 million in the December 2023 quarter.
*The tables below come from the dashboard.
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