Antonia Watson, CEO of ANZ New Zealand, stresses the importance of supporting customers facing rising economic uncertainty and geopolitical tensions. She highlighted concerns about stagflation and its impact on credit implications.
ANZ New Zealand reported a cash net profit after tax of $1,238 million for the six months ending March 31, 2026. Statutory NPAT was $1,259 million, remaining flat compared to the prior period due to lower gains from economic hedges. The bank’s total capital at that time exceeded $19 billion, with a total capital ratio of 17.1%.
Key statistics:
- 44% of ANZ NZ’s home loan borrowers are at least six months ahead on repayments.
- 48% have a savings buffer of at least $5,000.
- ANZ NZ supported $15 billion in new home loan lending during this period.
Watson noted that the interest rate environment does not support COVID-19 era mortgage deferrals. She stated that ongoing margin pressure has constrained revenue, causing net interest margin to decline by five basis points. The economic outlook remains uncertain due to global shocks.
Ben Kelleher, another executive at ANZ, indicated that New Zealand may be heading into a stagflationary environment. Events in the Middle East serve as a reminder of how quickly global shocks can ripple through economies and undermine fragile recoveries.
S&P Global Ratings warned that more delays in reopening the Strait of Hormuz could lead to persistent credit implications rather than transitory ones. ANZ NZ maintains a total credit impairment provision balance of $805 million to address potential risks.
