ANZ bad debt provisions trebled

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Uploaded by on Apr 22, 2008

http://www.interest.co.nz

ANZ National's results out for 1st half
It has over $70 bln of deposits
More than a third of total deposits
Results are mixed. Profit before provisions for bad debts up 12% to NZ$854 million
But the bad debt provisions trebled to NZ$93 million
Net non performing loans up 50% to NZ%108 million
Still just 0.12% of assets, up from 0.09%
Credit stress showing, Lift in arrears for cards and personal loans

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  • Yesterday I happened to close the sale of my primary property, pay off all mortgages and move a swag of money from the ANZ to Kiwibank. Anecdotally, my dearly beloved says many of colleagues and friends are advising a move to Kiwibank. If even a fraction of those with such thoughts in their heads actually do it, the NZ banking scene could be in for a shake-up. In my daily experience lately, Kiwibank's "Join the Resistance" campaign appears to be gaining traction, aided by jobs to India.

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