ANZN Annual Results 291009 (1)

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MEDIA RELEASE 29 October 2009 ANZ National remains profitable in tough conditions, positions for growth Wellington: Australia and New Zealand Banking Group Limited (ANZ), of which ANZ National Bank is a wholly owned subsidiary, today announced its Annual Results for the year ended 30 September 2009. ANZ National Chief Executive Officer (CEO) Jenny Fagg said New Zealand’s contribution reflected the New Zealand economic downturn, which was more protracted and pronounced than in Australia, and al
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    MEDIA RELEASE 29 October 2009 ANZ National remains profitable in tough conditions, positionsfor growth Wellington: Australia and New Zealand Banking Group Limited (ANZ), of which ANZNational Bank is a wholly owned subsidiary, today announced its Annual Results for theyear ended 30 September 2009.ANZ National Chief Executive Officer (CEO) Jenny Fagg said New Zealand’s contributionreflected the New Zealand economic downturn, which was more protracted andpronounced than in Australia, and also the impact of one-off adjustments.In the New Zealand region, underlying profit decreased 32 per cent to $628 million forthe year, largely driven by an almost three-fold increase in credit provisions ashouseholds and business felt the impacts of the recession. Underlying profit beforeprovisions increased 8 per cent. “The economic conditions helped our Institutional business to deliver a very strong resultby taking advantage of market volatility in the first half. Institutional achieved a 36 percent increase in revenue in the full year compared to 2008,” Jenny Fagg said. “However, these same conditions impacted the financial performance of the retail, wealthand commercial businesses. “Net interest margins (NIM) in these businesses fell 26 basis points to 2.14 per cent overthe year. This was due to intense deposit competition and higher wholesale fundingcosts, as well as the timing lag in re-pricing fixed rate lending and the increased costsfrom early repayments of fixed rate mortgages. Revenue in these businesses declined by4 per cent,” Ms Fagg said.Net profit after tax for the September 2009 year decreased 80 per cent to $194mcompared to the previous year, impacted by one-off adjustments of $434m, principallyprovisioning on the Conduit tax matter and the ING investor Offer. “Despite the difficult operating environment, ANZ National continues to be profitable,costs have been well-managed and we have very strong liquidity, funding and capital.We hold a dominant market share, leading all the key customer segments,” Ms Faggsaid. “We are well positioned for future growth, focussing on the core of our business – ourpeople, our processes and the products and services we deliver to our customers. “Looking ahead, a focus of our growth strategy will be to leverage the existing strengthsof our two main brands, ANZ and The National Bank. Our acquisition of ING NZ’s fundsmanagement and life insurance businesses, made possible by ANZ’s global strength in  the wake of the international credit crisis, will enhance our wealth management positionin New Zealand. 1   “I am pleased that ANZ National has been able to continue to support the New Zealandeconomy in this tough operating environment. Our strength means that we havecontinued to lend to the business and rural sectors, and we have been working hard tosupport retail customers affected by the downturn. “Our Financial Wellbeing programme established a Customer Management Team whichinteracts daily with frontline staff to find sustainable solutions for customers in financialdifficulty. Since August 2008, the team has provided advice and restructuring solutionsfor more than 4,700 customers representing total lending of over NZ$1.2 billion,” MsFagg concluded. Contact: Astrid Smeele (Senior External Relations Manager) 04 4366754 or 0274907336 New Zealand region – Summary of Key Financials Full yearSep 2009NZDmFull yearSep 2008NZDmMovtSep 09v. Sep 08%Net interest income 2,302 2,031 13%Other external operating income 929 1,018 -9%Operating income 3,231 3,049 6%Operating Expenses (1,448) (1,398) 4%Profit before credit impairment andincome tax1,783 1,651 8%Provision for credit impairment (889) (300) LargeProfit before income tax 894 1,351 -34%Income tax expense (266) (430) -38%Underlying Profit 628 921 -32%Adjustments to arrive at statutory profit (434) 69 LargeProfit 194 990 -80%Consisting of:Retail 240 422 -43%Commercial 119 329 -64%Wealth 11 29 -62%Operating & Support 10 6 67%New Zealand Businesses 380 786 -52%Institutional 362 279 30%Other (114) (144) -21%Underlying profit 628 921 -32%Adjustments to arrive at statutory profit (434) 69 LargeProfit 194 990 -80% 1 Settlement of the ING acquisition remains subject to regulatory approvals
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