Anz Term Deposit Rates Nz – ANZ New Zealand, the country’s biggest bank, saw its annual profit top $2 billion for the first time as revenue rose 10% and costs rose 2%.
ANZ NZ’s annual profit was boosted by a $235 million contribution from financial hedges used to manage rate and foreign exchange risk, compared with just $12 million last year.
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ANZ NZ’s September net profit after tax rose $380 million or 20% to $2.299 billion from $1.919 billion in September 2021. The bank’s annual profit stood at $1.986 billion in September 2018.
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Total operating income was $413 million, or 10%, to $4.545 billion, and net income was $357 million, up 10%, to $3.761 billion. Other operating income rose 8% to $784 million.
ANZ NZ says the increase in revenue reflects loan volume growth and net growth. Parent ANZ Bank Group said its NZ unit’s annual net profit rose 14 basis points to 2.47%.
Operating expenses increased $39 million, or 2%, to $1.646 million. This slight increase was attributed to higher investment costs and inflation.
The bank has written off $39 million in bad loans and foreclosed on $115 million in the past year. ANZ NZ raised its loan impairment provision to $751 million from $712 million.
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ANZ NZ says home loans rose by $5.3 billion, or about 5.5%, to $104 billion in September. Commercial credit increased by $1.3 billion to $19.4 billion, while rural credit decreased by $700 million to $15.4 billion. Net loans increased by 4% to $140.445 billion and customer deposits increased by 5% to $107.957 billion.
New Zealand CEO Antonia Watson said: “We do not expect the New Zealand economy to continue to grow in the 2021-2022 financial year.”
“While inflation and supply chain issues, particularly for importers and exporters, will be a concern for many consumers throughout the year, the desire for some sort of normalcy is keeping costs under control. Customers.”
“Banks are a reflection of the economy they operate in, and New Zealand is more resilient than expected,” Watson said.
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However, in an uncertain environment of high inflation, high cost of living, high standards and global geopolitical issues, Watson said New Zealanders should be careful.
“At the moment, most consumers are in good financial shape, but we know that many will be moving to higher mortgage rates next year. Some will be under financial pressure when that happens,” Watson said.
Funds under management fell 12% to $34.3 billion, which the bank attributed to ex-KiwiSaver clients switching to other managers, lower bond issuance and a market slump.
ANZ Banking Group in Australia reported a 5% increase in annual cash profit from continued operations to A$6.515 billion. Return on equity rose 47 points to 10.4%, and the group’s share of Tier 1 equity, as a percentage of risk, fell five points to 12.3%.
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The group paid a final dividend of A74 cents a share compared to A72c, with total annual profit of A$146 versus A$1.42. This equates to a cash margin of 59.3%, compared to 65.3% last year.
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A PIE fund is a portfolio investment company operating under special tax laws. This means the maximum tax rate on income from a PIE fund is 28%.
The tax you pay on income earned on PIE fund investments is determined by your Prescribed Investor Rate, or PIR (see more about your PIR and how to do it). If you are paying an income tax rate of 30% or higher, you will benefit from the difference between your income tax rate and your investment tax rate.
Ryan has $100,000 to invest. Income tax rate is 33% and his PIR is 28%.
He can invest in PIE Fund as traditional deposit or term investment. Both offer 3.5% returns. For a period of 12 months.
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You can benefit if you have a PIR of 10.5% or 17.5%. For more information and examples, see the fund’s information brochure.
If you are an individual, you can use the table below to generate your PIR. This chart is a guide only. If you are not an individual, e.g. If you are a business or trust (including agents), or require tax advice for your particular circumstances, you should contact your Inland Revenue tax specialist to determine your PIR.
If you qualify for two rates after taking into account the previous two years’ income, your PIR is the lower rate.
*Your PIE income or loss for your income year is the income or loss paid to you by PIEs for that income year. This is written on the tax certificate issued by PIEs at the end of each income year. The income year generally runs from 1st April of the previous year to 31st March of the current year.
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If you invest jointly with another person and your PIRs are the same, tell us which investor’s income and which PIR should apply. If your PIRs are not the same, we will pay the return to the investor with the higher PIR. If you don’t choose, we offer 28% return to the first referred investor.
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A copy of the Bank’s Public Disclosure Statement under the Reserve Bank of New Zealand Act 1989 is available free of charge on this website or on request at any branch.
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Investment Services (New Zealand) Limited is the issuer and manager of the PIE Fund. A copy of the PIE Fund Terms and Conditions (PDF 218KB) is available at each branch. Investment of PIE Fund
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