PHOTO: ANDREW GORRIE ANZ chief executive David Hiisco blamed lower interest rates, softer housing market and competition for a reduced profit.
The slower housing market and more competition in lending have eaten into ANZ’s half year profit.
Chief executive David Hisco blamed lower interest rates, intense competition, and housing as main causes for a 4 per cent reduction in after-tax profit to $929 million for the six months to the end of March.
Hisco said the company’s half-year result reflected changes in the economy.
“The housing market has levelled off, particularly in Auckland which has been the growth engine of that sector over the past 10 years.
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