Latest news with #AntoniaWatson
RNZ News
27-05-2025
- Business
- RNZ News
Watch live: Christopher Luxon on what Budget 2025 means
Prime Minister Christopher Luxon will provide fresh insights into last week's Budget, when he speaks to a business audience at the ANZ Breakfast event in Wellington. Luxon will on Wednesday share what he sees as the Budget's key initiatives and the government's policy priorities. He is being joined at the forum by ANZ NZ chief executive Antonia Watson and ANZ NZ's chief economist Sharon Zollner. Watch the livestream and follow RNZ's live updates at the top of this page.
RNZ News
27-05-2025
- Business
- RNZ News
Watch live: Sharon Zollner, Christopher Luxon on what Budget 2025 means
Prime Minister Christopher Luxon will provide fresh insights into last week's Budget, when he speaks to a business audience at the ANZ Breakfast event in Wellington. Luxon will on Wednesday share what he sees as the Budget's key initiatives and the government's policy priorities. He is being joined at the forum by ANZ NZ chief executive Antonia Watson and ANZ NZ's chief economist Sharon Zollner. Watch the livestream and follow RNZ's live updates at the top of this page.
NZ Herald
08-05-2025
- Business
- NZ Herald
ANZ New Zealand result: First-half profit edges up to $1.16 billion
The bank's New Zealand chief executive, Antonia Watson, said the result came at a time of global uncertainty and market turmoil. 'Our performance reflects the broader economy we operate in,' Watson said. 'With revenue and costs largely flat, our half-year result demonstrates consistent performance,' she said. 'Many Kiwis are starting to feel the benefits of a lower-inflation and interest-rate environment and our farmers are seeing strong commodity prices. 'However, global uncertainty is likely to keep firms cautious about taking risks for a bit longer, slowing the recovery in investment and employment.' ANZ's economists have revised down their forecasts for both activity and the Official Cash Rate, which stands at 3.5%. 'Kiwis are very aware of what is going on in the economy and we are seeing this play out through our customers' behaviour,' Watson said. Almost 40% of ANZ's home loan customers were ahead on their payments by six months or more and 45% have a savings buffer of $5,000 or more in place. Over the past three months, just under a quarter of all home loan customers refixing at a lower rate have either kept their repayment amounts the same or increased them, which means they will now be paying off their home loans faster than before, the bank said. ANZ said cautious consumer spending was impacting on some sectors like retail and hospitality. Watson said many business and agricultural-sector customers were reluctant to take on more debt in the current environment. 'While there are still challenges ahead, we're seeing encouraging signs that New Zealand's economy has some firm foundations and there are green shoots,' Watson said. 'It's important to note that while it is now looking like it will take a little longer, the New Zealand economy is forecast to continue to improve as the impacts of interest rate cuts work their way through.' Advertise with NZME. Since last August, the Reserve Bank has cut the Official Cash Rate by 200 basis points and fixed home loan rates have fallen even more, providing some relief for home loan customers. By the end of this year, around 86% of ANZ's customers with a fixed interest rate higher than 6% will roll off on to lower rates. These borrowers could potentially see 100 basis points or more coming off their home loans when they refix, Watson said. For someone with a $500,000 loan, this could mean monthly savings of around $260 in repayments. The bank's revenue for the first half of the year was $2.541b, up 1% on the six months to September 30, 2024. Expenses dropped by 1%, inclusive of higher wages and operational costs. Watson said the Reserve Bank's capital rules equated to an increase in minimum regulatory capital required of $5.4b by July 1 this year. Beyond that, as the Reserve Bank has announced the incoming requirements will be reassessed, any further increases are unknown, she said.
RNZ News
07-05-2025
- Business
- RNZ News
ANZ bank posts 23% first-half profit lift
The profit lift was driven by gains from financial hedges, lower costs, and reduced bad debts. Photo: RNZ / Marika Khabazi The country's biggest bank has posted a 23 percent lift in first half profit driven by gains from financial hedges, lower costs, and reduced bad debts. ANZ's profit for the six months ended March was $1.28 billion on the back of instruments to protect against foreign exchange and interest rate volatility. Leaving aside those gains the cash profit was up 3 percent to about $1.2b with a slight increase in lending, higher deposits, and a small gain from money set aside for bad debts that did not eventuate. Chief executive Antonia Watson said the bank's performance reflects the broader economy with customers cautious about spending, but is benefiting from lower mortgage rates and paying off debt quicker. More to come...
