ANZ Bank New Zealand Disclosure Statement

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
8 May 2025

Market Announcements Office
ASX Limited
Level 4
20 Bridge Street
SYDNEY NSW 2000

ANZ Bank New Zealand Limited
Registered Bank Disclosure Statement


Australia and New Zealand Banking Group Limited (ANZ) today released ANZ Bank New Zealand Limited’s
Registered Bank Disclosure Statement for the six months ended 31 March 2025.
It has been approved for distribution by ANZ’s Continuous Disclosure Committee.

Yours faithfully

Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

ANZ Bank New Zealand Limited

Registered Bank Disclosure Statement
For the six months ended 31 March 2025

Contents


Glossary
2


Disclosure statement

Interim financial statements 3
Condensed consolidated interim financial statements 4
Notes to the condensed consolidated interim financial statements 8

Limited assurance report 22

Registered bank disclosures 24

Directors' statement 46

Limited assurance reports 47











Glossary
In this Registered Bank Disclosure Statement (Disclosure Statement) unless the context otherwise requires:
Bank means ANZ Bank New Zealand Limited.
Banking Group, We or Our means the Bank and all its controlled entities.
Immediate Parent Company means ANZ Holdings (New Zealand) Limited.
Ultimate Non-Bank Holding Company, ANZGHL means ANZ Group Holdings Limited.
ANZ Group means the worldwide operations of ANZGHL including its controlled entities.
Ultimate Parent Bank means Australia and New Zealand Banking Group Limited.
Overseas Banking Group means the worldwide operations of the Ultimate Parent Bank including its controlled entities.
New Zealand business means all business, operations, or undertakings conducted in or from New Zealand identified and treated as if it were
conducted by a company formed and registered in New Zealand.
NZ Branch means the New Zealand business of the Ultimate Parent Bank.
ANZBGL New Zealand means the New Zealand business of the Overseas Banking Group.
ANZ New Zealand means the New Zealand business of the ANZ Group.
Registered Office is Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland, New Zealand, which is also the Bank's address for service.
RBNZ means the Reserve Bank of New Zealand.
APRA means the Australian Prudential Regulation Authority.
the Order means the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014.
Any term or expression which is defined in, or in the manner prescribed by, the Order shall have the meaning given in or prescribed by the
Order.

ANZ Bank New Zealand Limited



3

Interim Financial
Statements


Contents

Condensed Consolidated Interim Financial Statements 4
Income Statement 4
Statement of Comprehensive Income 4
Balance Sheet 5
Cash Flow Statement 6
Statement of Changes in Equity 7

Notes to the Condensed Consolidated Interim Financial Statements 8

Basis of preparation



1. About our interim financial statements 8

Financial performance

2. Other operating income 9



3. Segment reporting 10

Financial and non-financial assets


4. Net loans and advances 11


5. Allowance for expected credit losses 12

Financial and non-financial liabilities


6. Deposits and other borrowings 15


7. Debt issuances 15

Financial instrument disclosures



8. Credit risk 16


9. Fair value of financial assets and financial liabilities 18

Equity



10. Shareholders’ equity 20

Other disclosures



11. Commitments and contingent liabilities 21



Limited assurance report 22

ANZ Bank New Zealand Limited unaudited



4 Condensed consolidated interim financial statements
Income Statement



2025 2024
For the six months ended 31 March Note NZ$m NZ$m
Interest income 5,534 5,909
Interest expense (3,247) (3,733)
Net interest income 2,287 2,176
Other operating income 2 496 225
Operating income
2,783 2,401
Operating expenses (893) (858)
Profit before credit impairment and income tax 1,890 1,543
Credit impairment release/(charge) 5 5 (33)
Profit before income tax 1,895 1,510
Income tax expense (530) (428)
Profit for the period 1,365 1,082



Statement of Comprehensive Income

2025 2024
For the six months ended 31 March

NZ$m NZ$m
Profit for the period 1,365 1,082

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss 11 4

Items that may be reclassified subsequently to profit or loss
Reserve movements:
Unrealised gains recognised directly in equity 8 48
Realised gains transferred to the income statement
(2) (3)

Income tax attributable to the above items (5) (14)
Total comprehensive income for the period 1,377 1,117

The notes appearing on pages 8 to 21 form an integral part of these interim financial statements.

ANZ Bank New Zealand Limited unaudited




Condensed consolidated interim financial statements 5
Balance Sheet


31 Mar 25 30 Sep 24
As at Note NZ$m NZ$m
Assets


Cash and cash equivalents 11,145 11,634
Settlement balances receivable 687 574
Collateral paid 742 1,041
Trading securities 5,774 5,576
Derivative financial instruments 8,874 10,181
Investment securities 14,882 13,295
Net loans and advances 4 153,644 151,666
Deferred tax assets 403 418
Goodwill and other intangible assets 3,097 3,094
Premises and equipment 319 363
Other assets 1,326 1,334
Total assets 200,893 199,176

Liabilities
Settlement balances payable 3,408 5,367
Collateral received 951 525
Deposits and other borrowings 6 148,618 142,645
Derivative financial instruments 8,323 11,179
Current tax liabilities 141 279
Payables and other liabilities 1,884 2,415
Employee entitlements 116 121
Other provisions 210 212
Debt issuances 7 17,799 17,623
Total liabilities 181,450 180,366
Net assets 19,443 18,810

Shareholders' equity
Share capital 10 17,680 17,680
Reserves 10 28 24
Retained earnings 10 1,735 1,106
Total shareholders' equity

19,443 18,810



The notes appearing on pages 8 to 21 form an integral part of these interim financial statements.

ANZ Bank New Zealand Limited unaudited



6 Condensed consolidated interim financial statements
Cash Flow Statement


2025 2024
For the six months ended 31 March

NZ$m NZ$m
Profit after income tax 1,365 1,082

Adjustments to reconcile to net cash provided by/(used in) operating activities:
Depreciation and amortisation 51 55
Loss on sale and impairment of premises and equipment and lease remeasurements
- 1
Net derivatives/foreign exchange adjustment
(434) (253)
Other non-cash movements (62) (12)
Net (increase)/decrease in operating assets:
Collateral paid 299 92
Trading securities
(198) 138
Net loans and advances
(1,978) (1,565)
Other assets (90) (353)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings (excluding items included in financing activities) 6,507 3,530
Settlement balances payable
(1,959) 656
Collateral received
426 (497)
Other liabilities (642) 439
Total adjustments
1,920 2,231
Net cash provided by operating activities
1
3,285 3,313
Cash flows from investing activities
Investment securities:
Purchases (2,594) (1,495)
Proceeds from sale or maturity 1,090 1,320
Other assets
(20) (19)
Net cash used in investing activities (1,524) (194)
Cash flows from financing activities
Deposits and other borrowings
2
(534) (29)
Debt issuances:
3

Issue proceeds 1,689 887
Redemptions
(2,636) (3,250)
Proceeds from issue of perpetual preference shares - 271
Repayment of lease liabilities
(25) (25)
Dividends paid (744) (1,149)
Net cash used in financing activities (2,250) (3,295)
Net change in cash and cash equivalents (489) (176)
Cash and cash equivalents at beginning of period 11,634 13,094
Cash and cash equivalents at end of period
11,145 12,918
1.
Net cash provided by operating activities includes income taxes paid of NZ$658 million (March 2024: NZ$533 million).
2.
Movement in deposits and other borrowings include repayments of repurchase transactions entered into with the RBNZ under the Term Lending Facility of NZ$34 million (March 2024: NZ$29 million)
and NZ$500 million under the Funding for Lending Programme (March 2024: nil).
3.
Movement in debt issuances (Note 7 Debt issuances) also includes a NZ$1,159 million increase ( March 2024: NZ$20 million decrease) from the effect of foreign exchange rates, a NZ$35 million
decrease (March 2024: NZ$350 million increase) from changes in fair value hedging instruments and a NZ$1 million decrease from other changes (March 2024: nil).

The notes appearing on pages 8 to 21 form an integral part of these interim financial statements.

ANZ Bank New Zealand Limited unaudited




Condensed consolidated interim financial statements 7
Statement of Changes in Equity

Share
capital Reserves
Retained
earnings
Total
shareholders'
equity

NZ$m NZ$m NZ$m NZ$m
As at 1 October 2023 12,438 (93) 6,076 18,421
Profit or loss for the period - - 1,082 1,082
Other comprehensive income for the period
- 32 3 35
Total comprehensive income for the period
- 32 1,085 1,117
Transactions with equity holders in their capacity as equity owners:
Ordinary shares dividend paid - - (1,125) (1,125)
Perpetual preference shares issued (net of issue costs) 275 - (4) 271
Perpetual preference shares dividends paid
- - (24) (24)
As at 31 March 2024 12,713 (61) 6,008 18,660

As at 1 October 2024 17,680 24 1,106 18,810
Profit or loss for the period - - 1,365 1,365
Other comprehensive income for the period - 4 8 12
Total comprehensive income for the period - 4 1,373 1,377
Transactions with equity holders in their capacity as equity owners:
Ordinary shares dividend paid - - (700) (700)
Perpetual preference shares dividends paid - - (44) (44)
As at 31 March 2025 17,680 28 1,735 19,443

The notes appearing on pages 8 to 21 form an integral part of these interim financial statements.

ANZ Bank New Zealand Limited unaudited



8 Notes to the condensed consolidated interim financial statements

Notes to the Condensed Consolidated
Interim Financial Statements
1. About our interim financial statements
These condensed consolidated interim financial statements for the Banking Group have been prepared in accordance with the requirements of the Order
and should be read in conjunction with the Banking Group’s financial statements for the year ended 30 September 2024.
On 7 May 2025, the Directors resolved to authorise the issue of these interim financial statements.
Basis of preparation
These condensed consolidated interim financial statements comply with:
• New Zealand Generally Accepted Accounting Practice (NZ GAAP), as defined in the Financial Reporting Act 2013;
• NZ IAS 34 Interim Financial Reporting and other applicable Financial Reporting Standards, as appropriate for publicly accountable for-profit
entities; and
• IAS 34 Interim Financial Reporting.
These condensed consolidated interim financial statements comprise the interim financial statements of the Bank and its subsidiaries.
We present the condensed consolidated interim financial statements of the Banking Group in New Zealand dollars and have rounded values to the
nearest million dollars (NZ$m), unless otherwise stated.
The accounting policies adopted by the Banking Group are consistent with those adopted and disclosed in the previous full year financial statements.
Basis of measurement and presentation
The financial information has been prepared in accordance with the historical cost basis - except for the following assets and liabilities which we have
stated at their fair value:
• derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
• financial instruments held for trading;
• financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and
• financial assets at fair value through other comprehensive income (FVOCI).



In the process of applying the Banking Group’s accounting policies, management has made a number of judgements and applied estimates
and assumptions about past and future events. Discussion of the critical accounting estimates and judgements, which include complex or
subjective decisions or assessments, are provided in the previous full year financial statements. Such estimates and judgements are reviewed
on an ongoing basis.
The global economy continues to face challenges associated with inflation and interest rate uncertainties, continuing trade and geopolitical
tensions, and impacts from climate change, which contribute to an elevated level of estimation uncertainty involved in the preparation of these
interim financial statements.
The Banking Group made various accounting estimates in these interim financial statements based on forecasts of economic conditions which
reflect expectations and assumptions at 31 March 2025 about future events considered reasonable in the circumstances. Thus, there is a
considerable degree of judgement involved in preparing these estimates. Actual economic conditions are likely to be different from those
forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact accounting
estimates included in these interim financial statements. The significant accounting estimates impacted by these forecasts and associated
uncertainties are predominantly related to expected credit losses and recoverable amounts of non-financial assets.
In light of the uncertainties above the assumptions and judgements made in relation to significant accounting estimates are discussed further
in the relevant notes in these interim financial statements and/or in the relevant notes in the previous full year financial statements. Readers
should consider these disclosures in light of the uncertainties described above.

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 9
2. Other operating income

2025 2024
For the six months ended 31 March

NZ$m NZ$m
Fee and commission income
Lending fees 10 10
Non-lending fees
361 370
Commissions
14 14
Funds management income
122 122
Fee and commission income
507 516
Fee and commission expense (264) (261)
Net fee and commission income 243 255
Other income
Net trading gains 99 122
Gain on sale of investment securities designated at FVOCI
2 1
Fair value gain/(loss) on hedging activities and financial liabilities designated at fair value
148 (160)
Net foreign exchange earnings and other financial instruments income 249 (37)
Adjustment to gain on sale of UDC Finance Ltd - 2
Other
4 5
Other income
253 (30)
Other operating income 496 225

ANZ Bank New Zealand Limited unaudited



10 Notes to the condensed consolidated interim financial statements
3. Segment reporting
Description of segments
The Banking Group is organised into three major business segments for segment reporting purposes - Personal, Business & Agri and Institutional.
Centralised back office and corporate functions support these segments. These segments are consistent with internal reporting provided to the chief
operating decision maker, being the Bank’s Chief Executive Officer.
Personal
Personal provides a full range of banking and wealth management services to consumer and private banking customers. We deliver our services via our
internet and app-based digital solutions and a network of branches, mortgage specialists, private bankers and contact centres.
Business & Agri
Business & Agri provides a full range of banking services through our digital, branch and contact centre channels, and traditional relationship banking and
sophisticated financial solutions through dedicated managers. These cover privately owned small, medium and large enterprises, the agricultural business
segment, government and government related entities.
Institutional
The Institutional division services governments, global institutional and corporate customers via the following business units:
• Transaction Banking provides customers with working capital and liquidity solutions including documentary trade, supply chain financing, commodity
financing as well as cash management solutions, deposits, payments and clearing.
• Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance,
debt structuring and acquisition finance, and sustainable finance solutions.
• Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in
addition to managing the Banking Group’s interest rate exposure and high quality liquid asset portfolio.
Other
Other includes treasury and back office support functions, none of which constitutes a separately reportable segment.
Operating segments
Personal Business & Agri Institutional Other Total

2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
For the six months ended 31 March NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Net interest income 1,271 1,169 478 515 373 375 165 117 2,287 2,176
Net fee and commission income
- Lending fees 4 4 - - 6 6 - - 10 10
- Non-lending fees 227 228 114 118 24 26 (4) (2) 361 370
- Commissions 13 13 - - - - 1 1 14 14
- Funds management income 122 122 - - - - - - 122 122
- Fee and commission expense (173) (168) (91) (93) - - - - (264) (261)
Net fee and commission income 193 199 23 25 30 32 (3) (1) 243 255
Other income - - (1) - 107 130 147 (160) 253 (30)
Other operating income 193 199 22 25 137 162 144 (161) 496 225
Operating income 1,464 1,368 500 540 510 537 309 (44) 2,783 2,401
Operating expenses (607) (590) (146) (134) (127) (122) (13) (12) (893) (858)
Profit before credit impairment
and income tax
857 778 354 406 383 415 296 (56) 1,890 1,543
Credit impairment release/(charge) (20) (22) 25 18 - (29) - - 5 (33)
Profit/(loss) before income tax 837 756 379 424 383 386 296 (56) 1,895 1,510
Income tax benefit/(expense) (235) (212) (106) (119) (107) (109) (82) 12 (530) (428)
Profit/(loss) after income tax 602 544 273 305 276 277 214 (44) 1,365 1,082

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 11
3. Segment reporting (continued)
Operating segments (continued)
Personal Business & Agri Institutional Other Total
31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24
As at NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial position
Goodwill 1,042 1,042 695 695 1,269 1,269 - - 3,006 3,006
Net loans and advances
112,550 110,149 23,636 23,952 17,458 17,565 - - 153,644 151,666
Customer deposits
94,401 91,814 19,183 17,996 27,312 26,353 - - 140,896 136,163

Other segment

The Other segment profit/(loss) after income tax comprises:



2025 2024
For the six months ended 31 March NZ$m NZ$m
Personal and Business & Agri central functions (2) 2
Group Centre 109 70
Economic hedges 107 (116)
Total 214 (44)


4. Net loans and advances
31 Mar 25 30 Sep 24



NZ$m NZ$m
Overdrafts 1,113 1,091
Credit cards 1,238 1,243
Term loans - housing 113,128 110,807
Term loans - non-housing
1
38,336 38,755
Gross subtotal 153,815 151,896
Unearned income (25) (21)
Capitalised brokerage and other origination costs 566 516
Gross loans and advances 154,356 152,391
Allowance for expected credit losses (refer to Note 5) (712) (725)
Net loans and advances 153,644 151,666
1.
Includes reverse repurchase agreements (with 90 days or more to maturity) designated at FVTPL of NZ$316 million (September 2024: nil).

The Bank has sold residential mortgages to the NZ Branch with a net carrying value of NZ$268 million as at 31 March 2025 (September 2024: NZ$298
million). These assets qualify for derecognition as the Bank does not retain a continuing involvement in the transferred assets.

ANZ Bank New Zealand Limited unaudited



12 Notes to the condensed consolidated interim financial statements
5. Allowance for expected credit losses
This note should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements.

31 Mar 25 30 Sep 24

Collectively
assessed
Individually
assessed Total
Collectively
assessed
Individually
assessed Total

NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Net loans and advances at amortised cost 651 61 712 661 64 725
Off-balance sheet commitments 124 2 126 133 3 136
Total 775 63 838 794 67 861

The following tables present the movement in the allowance for expected credit losses (ECL) for the period.

Net loans and advances - at amortised cost
Allowance for ECL is included in Net loans and advances.

Stage 3

Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total

NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 187 370 104 64 725
Transfer between stages 56 (57) - 1 -
New and increased provisions (net of releases) (78) 69 - 38 29
Write-backs - - - (20) (20)
Bad debts written-off (excluding recoveries) - - - (23) (23)
Discount unwind reversal - - - 1 1
As at 31 March 2025 165 382 104 61 712

Off-balance sheet commitments - undrawn and contingent facilities
Allowance for ECL is included in Other provisions.


Stage 3

Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total

NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 74 56 3 3 136
Transfer between stages 5 (5) - - -
New and increased provisions (net of releases) (10) 1 - (1) (10)
As at 31 March 2025 69 52 3 2 126

Credit impairment charge – income statement
Credit impairment charge analysis

2025 2024
For the six months ended 31 March NZ$m NZ$m
New and increased provisions (net of releases)
1

- Collectively assessed (19) 30
- Individually assessed 38 40
Write-backs (20) (31)
Recoveries of amounts previously written-off (4) (6)
Total credit impairment charge/(release) (5) 33
1.
Includes the impact of transfers between collectively assessed and individually assessed.

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 13

5. Allowance for expected credit losses

(continued)

Collectively assessed allowance for ECL
The collectively assessed allowance for ECL decreased by NZ$19 million, attributable to NZ$49 million from an improvement in base case
economic assumptions, partially offset by a NZ$24 million net increase in management temporary adjustments for increased uncertainty
and economic volatility and NZ$6 million from a deterioration in credit risk profile and other portfolio changes.
In estimating collectively assessed ECL, the Banking Group makes judgements and assumptions in relation to:
•
the selection of an estimation technique or modelling methodology; and
•
the selection of inputs for those models, and the interdependencies between those inputs.
The judgements and associated assumptions have been made within the context of the uncertainty of how various factors might impact the
global economy, and reflect historical experience and other factors that are considered relevant, including expectations of future events that
are believed to be reasonable under the circumstances. The Banking Group’s ECL estimates are inherently uncertain and, as a result, actual
results may differ from these estimates.

The key judgements and assumptions in estimating collectively assessed ECL are presented below.
Base case economic forecast assumptions
Continuing uncertainties described above increase the risk of the economic forecast resulting in an understatement or overstatement of the
ECL balance.
The economic drivers of the base case economic forecasts, reflective of our view of future macroeconomic conditions used at 31 March
2025 are set out below. For the years following the near term forecasts below, the ECL models apply simplified assumptions for the economic
conditions to calculate lifetime loss.
Actual calendar year Forecast calendar year
2024 2025 2026
New Zealand
GDP (annual % change) -0.5 1.0 3.1
Unemployment rate (annual average) 4.7 5.2 4.7
Residential property prices (annual % change) -1.1 6.0 5.0
Consumer price index (annual average % change) 2.9 2.6 1.9
The base case economic forecasts have been updated to reflect economic recovery and a return to growth, and house prices are expected
to increase following a period of stabilisation.
Probability weightings
Probability weightings for each scenario are determined by management considering the risks and uncertainties surrounding the base case
economic scenario including the uncertainties described above.
Scenario weightings remain the same as those applied in September 2024.
The assigned probability weightings are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be
significantly different to those projected. The Banking Group considers these weightings to provide estimates of the possible loss outcomes
and taking into account short and long term inter-relationships within the Banking Group’s credit portfolios. The weightings applied are set
out below:
31 Mar 25 30 Sep 24
Base 50.0% 50.0%
Upside 3.75% 3.75%
Downside 33.75% 33.75%
Severe downside 12.5% 12.5%

ANZ Bank New Zealand Limited unaudited



14 Notes to the condensed consolidated interim financial statements

5. Allowance for expected credit losses

(continued)
ECL - Sensitivity analysis
Given current economic uncertainties and the judgement applied to factors used in determining the expected default of borrowers in future
periods, expected credit losses reported by the Banking Group should be considered as a best estimate within a range of possible
estimates.
The table below illustrates the sensitivity of collectively assessed ECL to key factors used in determining it as at 31 March 2025:


ECL
NZ$m
Impact
on ECL
NZ$m
If 1% of Stage 1 facilities were included in Stage 2 783 8
If 1% of Stage 2 facilities were included in Stage 1 774 (1)



100% upside scenario 282 (493)
100% base scenario 369 (406)
100% downside scenario 722 (53)
100% severe downside scenario 1,917 1,142
Individually assessed allowance for ECL
In estimating individually assessed ECL, the Banking Group makes judgements and assumptions in relation to expected repayments, the
realisable value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out
process. Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties
described above and in Note 1 About our interim financial statements.

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 15
6. Deposits and other borrowings
31 Mar 25 30 Sep 24

NZ$m NZ$m
Term deposits 59,881 59,308
On demand and short term deposits 64,070 60,983
Deposits not bearing interest 16,945 15,872
Total customer deposits 140,896 136,163
Certificates of deposit 1,334 1,174
Commercial paper 2,124 1,419
Securities sold under repurchase agreements 4,115 3,750
Deposits from Immediate Parent Company and NZ Branch 149 139
Deposits and other borrowings 148,618 142,645


7. Debt issuances
The Banking Group uses a variety of funding programmes to issue unsubordinated debt (including senior debt and covered bonds) and subordinated
debt. The difference between unsubordinated debt and subordinated debt is that, in a winding up of the issuer, holders of unsubordinated debt rank in
priority to holders of subordinated debt. Subordinated debt will be repaid only after the repayment of claims of depositors and other creditors (including
holders of unsubordinated debt) of that issuer.

31 Mar 25 30 Sep 24

NZ$m NZ$m
Senior debt 12,172 12,349
Covered bonds 2,347 2,156
Total unsubordinated debt 14,519 14,505
Subordinated debt
- Additional Tier 1 capital 938 938
- Tier 2 capital 2,342 2,180
Total subordinated debt 3,280 3,118
Total debt issued 17,799 17,623

The Bank has guaranteed the payment of interest and principal of covered bonds issued by its subsidiary ANZ New Zealand (Int’l) Limited. This obligation
is guaranteed by ANZNZ Covered Bond Trust Limited (the Covered Bond Guarantor), solely in its capacity as trustee of ANZNZ Covered Bond Trust. The
ANZNZ Covered Bond Trust is a member of the Banking Group. The Covered Bond Guarantor is not a member of the Banking Group and has no credit
ratings applicable to its long term senior unsecured obligations. The covered bonds have been assigned a long term rating of Aaa and AAA by Moody’s
Investors Service and Fitch Ratings respectively. Refer to page 26 for the amount of assets of the ANZNZ Covered Bond Trust pledged as security for
covered bonds.

ANZ Bank New Zealand Limited unaudited



16 Notes to the condensed consolidated interim financial statements
8. C redit risk
This note should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements and
Note 5 Allowance for expected credit losses.
Maximum exposure to credit risk
For financial assets recognised on the balance sheet, the maximum exposure to credit risk is the carrying amount. In certain circumstances there may be
differences between the carrying amounts reported on the balance sheet and the amounts reported in the tables below. Principally, these differences
arise in respect of financial assets that are subject to risks other than credit risk, such as equity instruments which are primarily subject to market risk, or
bank notes and coins.
For undrawn facilities, this maximum exposure to credit risk is the full amount of the committed facilities. For contingent exposures, the maximum exposure
to credit risk is the maximum amount the Banking Group would have to pay if the instrument is called upon.
The table below shows our maximum exposure to credit risk of on-balance sheet and off-balance sheet positions before taking account of any collateral
held or other credit enhancements.
Reported Excluded
1

Maximum exposure
to credit risk

31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24

NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
On-balance sheet positions
Net loans and advances 153,644 151,666 - - 153,644 151,666

Other financial assets:
Cash and cash equivalents 11,145 11,634 122 130 11,023 11,504
Settlement balances receivable
687 574 - - 687 574
Collateral paid
742 1,041 - - 742 1,041
Trading securities
5,774 5,576 - - 5,774 5,576
Derivative financial instruments
8,874 10,181 - - 8,874 10,181
Investment securities
14,882 13,295 - - 14,882 13,295
Other financial assets
2
1,076 1,113 - - 1,076 1,113
Total other financial assets
43,180 43,414 122 130 43,058 43,284
Subtotal 196,824 195,080 122 130 196,702 194,950
Off-balance sheet positions
Undrawn and contingent facilities
3
31,234 28,511 - - 31,234 28,511
Total
228,058 223,591 122 130 227,936 223,461
1.
Coins, notes and cash at bank within cash and cash equivalents were excluded as they do not have credit risk exposure.
2.
Other financial assets mainly comprise accrued interest and acceptances.
3.
Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed and individually assessed allowance for expected credit
losses.

Credit quality
We use the Banking Group’s internal customer credit rating (CCR) to manage the credit quality of financial assets. To enable wider comparisons, the
Banking Group’s CCRs are mapped to external rating agency scales as follows:
Credit quality
description

Internal CCR

The Banking Group customer requirements
Moody’s
Rating
S&P Global
Ratings
Strong CCR 0+ to 4- Demonstrated superior stability in their operating and financial
performance over the long-term, and whose earnings capacity is not
significantly vulnerable to foreseeable events.
Aaa – Baa3 AAA – BBB-
Satisfactory CCR 5+ to 6- Demonstrated sound operational and financial stability over the
medium to long-term even though some may be susceptible to
cyclical trends or variability in earnings.
Ba1 – B1 BB+ – B+
Weak CCR 7+ to 8= Demonstrated some operational and financial instability, with
variability and uncertainty in profitability and liquidity projected to
continue over the short and possibly medium term.
B2 – Caa B - CCC
Defaulted CCR 8- to 10 When doubt arises as to the collectability of a credit facility, the
financial instrument (or ‘the facility’) is classified as defaulted.
N/A N/A

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 17
8. C redit risk (continued)
Net loans and advances Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
As at 31 March 2025
NZ$m NZ$m NZ$m NZ$m NZ$m
Strong 76,044 1,341 - - 77,385
Satisfactory 59,964 5,939 - - 65,903
Weak 5,312 3,112 - - 8,424
Defaulted - - 1,445 342 1,787
Gross loans and advances at amortised cost 141,320 10,392 1,445 342 153,499
Allowance for ECL (165) (382) (104) (61) (712)
Net loans and advances at amortised cost 141,155 10,010 1,341 281 152,787
Coverage ratio 0.12% 3.68% 7.20% 17.84% 0.46%
Loans and advances at FVTPL 316
Unearned income (25)
Capitalised brokerage and other origination costs 566
Net carrying amount 153,644

As at 30 September 2024
Strong 73,623 1,549 - - 75,172
Satisfactory 59,827 6,901 - - 66,728
Weak 4,903 3,470 - - 8,373
Defaulted - - 1,253 370 1,623
Gross loans and advances at amortised cost 138,353 11,920 1,253 370 151,896
Allowance for ECL (187) (370) (104) (64) (725)
Net loans and advances at amortised cost 138,166 11,550 1,149 306 151,171
Coverage ratio 0.14% 3.10% 8.30% 17.30% 0.48%
Unearned income (21)
Capitalised brokerage and other origination costs 516
Net carrying amount 151,666

Off-balance sheet commitments - undrawn and contingent facilities Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
As at 31 March 2025
NZ$m NZ$m NZ$m NZ$m NZ$m
Strong 25,271 196 - - 25,467
Satisfactory 4,139 1,214 - - 5,353
Weak 216 291 - - 507
Defaulted - - 18 15 33
Gross undrawn and contingent facilities 29,626 1,701 18 15 31,360
Allowance for ECL included in Other provisions (69) (52) (3) (2) (126)
Net undrawn and contingent facilities 29,557 1,649 15 13 31,234
Coverage ratio 0.23% 3.06% 16.67% 13.33% 0.40%


As at 30 September 2024
Strong 23,508 196 - - 23,704
Satisfactory 3,530 1,087 - - 4,617
Weak 30 260 - - 290
Defaulted - - 26 10 36
Gross undrawn and contingent facilities 27,068 1,543 26 10 28,647
Allowance for ECL included in Other provisions (74) (56) (3) (3) (136)
Net undrawn and contingent facilities 26,994 1,487 23 7 28,511
Coverage ratio 0.27% 3.63% 11.54% 30.00% 0.47%

ANZ Bank New Zealand Limited unaudited



18 Notes to the condensed consolidated interim financial statements
9. F air value of financial assets and financial liabilities
Classification of financial assets and financial liabilities
The Banking Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments
on the balance sheet at fair value.
Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
The following tables set out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts
as recognised on the balance sheet.

31 Mar 25 30 Sep 24

At amortised
cost
At fair
value Total
At amortised
cost
At fair
value Total

Note NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial assets
Cash and cash equivalents
1
9,771 1,374 11,145 10,590 1,044 11,634
Settlement balances receivable
687 - 687 574 - 574
Collateral paid
742 - 742 1,041 - 1,041
Trading securities
- 5,774 5,774 - 5,576 5,576
Derivative financial instruments
- 8,874 8,874 - 10,181 10,181
Investment securities
- 14,882 14,882 - 13,295 13,295
Net loans and advances 4
153,328 316 153,644 151,666 - 151,666
Other financial assets
1,076 - 1,076 1,113 - 1,113
Total
165,604 31,220 196,824 164,984 30,096 195,080
Financial liabilities
Settlement balances payable 3,408 - 3,408 5,367 - 5,367
Collateral received
951 - 951 525 - 525
Deposits and other borrowings 6
144,573 4,045 148,618 140,204 2,441 142,645
Derivative financial instruments
- 8,323 8,323 - 11,179 11,179
Debt issuances 7
17,799 - 17,799 17,623 - 17,623
Other financial liabilities
1,217 353 1,570 1,692 372 2,064
Total
167,948 12,721 180,669 165,411 13,992 179,403
1.
Comparative amounts have been adjusted to reflect the classification of certain securities purchased under agreements to resell in less than 90 days included in cash and cash equivalents.

Financial assets and financial liabilities measured at f air value
The fair valuation of financial assets and financial liabilities is generally determined at the individual instrument level.
If the Banking Group holds offsetting risk positions, then the portfolio exception in NZ IFRS 13 Fair Value Measurement (NZ IFRS 13) is used to measure the
fair value of such groups of financial assets and financial liabilities. The Banking Group measures the portfolio based on the price that would be received to
sell a net long position (an asset) for a particular risk exposure, or to transfer a net short position (a liability) for a particular risk exposure.

Fair value designation
The Banking Group designates certain loans and advances and deposits and other borrowings as FVTPL where they are managed on a fair value basis to
align the measurement with how the financial instruments are managed.
Fair value approach and valuation techniques
We use valuation techniques to estimate the fair value of assets and liabilities for recognition, measurement and disclosure purposes where no quoted
price in an active market exists for that asset or liability. This includes the following:
Asset or liability F
air value approach
Financial instruments classified as:
- Derivative financial assets and financial liabilities
(including trading and non-trading)
- Repurchase agreements <90 days
- Net loans and advances
- Deposits and other borrowings
- Debt issuances
Discounted cash flow (DCF) techniques are used whereby contractual future cash flows of the
instrument are discounted using wholesale market interest rates, or market borrowing rates for
debt or loans with similar maturities or yield curves appropriate for the remaining term to
maturity.
Other financial instruments held for trading:
- Securities sold short
Valuation techniques are used that incorporate observable market inputs for financial
instruments with similar credit risk, maturity and yield characteristics.
Financial instruments classified as:
- Trading securities
- Investment securities
Valuation techniques use comparable multiples (such as price-to-book ratios) or DCF
techniques incorporating, to the extent possible, observable inputs from instruments with
similar characteristics.
There were no significant changes to valuation approaches during the current or prior periods.

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 19
9. F air value of financial assets and financial liabilities (continued)
Fair value hierarchy
The Banking Group categorises financial assets and financial liabilities carried at fair value into a fair value hierarchy as required by NZ IFRS 13 based on
the observability of inputs used to measure the fair value:
• Level 1 – valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2 – valuations using inputs other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or
indirectly; and
• Level 3 – valuations where significant unobservable inputs are used to measure the fair value of the asset or liability.
The following table presents assets and liabilities carried at fair value in accordance with the fair value hierarchy:

Fair value measurements

Quoted price in active
markets (Level 1)
Using observable inputs
(Level 2)
Using unobservable
inputs (Level 3) Total

31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24 31 Mar 25 30 Sep 24

NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial assets


Cash and cash equivalents
1
- - 1,374 1,044 - - 1,374 1,044
Trading securities
2
4,506 4,653 1,268 923 - - 5,774 5,576
Derivative financial instruments
4 3 8,869 10,177 1 1 8,874 10,181
Investment securities
2
12,330 12,184 2,547 1,106 5 5 14,882 13,295
Net loans and advances
- - 316 - - - 316 -
Total
16,840 16,840 14,374 13,250 6 6 31,220 30,096
Financial liabilities
Deposits and other borrowings - - 4,045 2,441 - - 4,045 2,441
Derivative financial instruments
10 70 8,313 11,108 - 1 8,323 11,179
Other financial liabilities
321 358 32 14 - - 353 372
Total
331 428 12,390 13,563 - 1 12,721 13,992
1.
Comparative amounts have been adjusted to reflect the classification of certain securities purchased under agreements to resell in less than 90 days included in cash and cash equivalents.
2.
During the six months ended 31 March 2025, NZ$1,013 million of assets were transferred from Level 1 to Level 2 (September 2024: no assets were transferred from Level 1 to Level 2) and $128
million of assets were transferred from Level 2 to Level 1 for the Banking Group (September 2024: NZ$2,390 million transferred from Level 2 to Level 1) due to a change in the observability of market
price and/or valuation inputs. There were no other material transfers between Level 1, Level 2 and Level 3 during the period. Transfers into and out of levels are measured at the beginning of the
reporting period in which the transfer occurred.

Financial assets and financial liabilities not measured at fair value
The financial assets and financial liabilities listed below are measured at amortised cost on the Banking Group’s balance sheet. While this is the value at
which we expect the assets will be realised and the liabilities settled, the Banking Group provides an estimate of the fair value of the financial assets and
financial liabilities at balance date in the table below.
Fair values of financial asset and financial liabilities carried at amortised cost not included in the table below approximate their carrying values. These
financial assets and financial liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near
the end of the reporting period.

Carrying amount in the balance sheet

Fair value

31 Mar 25 30 Sep 24

31 Mar 25 30 Sep 24

At amortised
cost
At fair
value Total
At amortised
cost
At fair
value Total Total Total

NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m

NZ$m NZ$m
Financial assets


Net loans and advances 153,328 316 153,644 151,666 - 151,666

154,140 152,042
Total
153,328 316 153,644 151,666 - 151,666

154,140 152,042
Financial liabilities


Deposits and other borrowings 144,573 4,045 148,618 140,204 2,441 142,645

148,754 142,823
Debt issuances
17,799 - 17,799 17,623 - 17,623

18,015 17,811
Total
162,372 4,045 166,417 157,827 2,441 160,268

166,769 160,634

ANZ Bank New Zealand Limited unaudited



20 Notes to the condensed consolidated interim financial statements
10. Shareholders’ equity
Shareholders’ equity
31 Mar 25 30 Sep 24

NZ$m NZ$m
Share capital 17,680 17,680
Reserves
FVOCI reserve (33) (28)
Cash flow hedge reserve 61 52
Total reserves 28 24
Retained earnings 1,735 1,106
Total shareholders' equity 19,443 18,810

Share capital
The table below details the movement in shares and share capital for the period.
31 Mar 25 30 Sep 24
Number of shares NZ$m Number of shares NZ$m
Ordinary shares
Balance at start of period 10,745,755,498 15,988 6,345,755,498 11,588
Ordinary shares issued during the period - - 4,400,000,000 4,400
Total ordinary shares at end of period 10,745,755,498 15,988 10,745,755,498 15,988
Perpetual preference shares
Balance at start of period 1,691,720,000 1,692 850,000,000 850
Perpetual preference shares issued during the period - - 1,141,720,000 1,142
Perpetual preference shares redeemed during the period - - (300,000,000) (300)
Total perpetual preference shares at end of period 1,691,720,000 1,692 1,691,720,000 1,692
Total share capital 12,437,475,498 17,680 12,437,475,498 17,680
Perpetual preference shares
Perpetual preference shares (PPS) do not carry any voting rights. They are classified as equity instruments as there is no contractual obligation for the
Bank to either deliver cash or another financial instrument or to exchange financial instruments on a potentially unfavourable basis.
In the event of liquidation, holders of PPS are entitled to an amount equal to the issue price of the PPS. Holders of PPS rank behind the claims of all
depositors and other creditors of the Bank (other than creditors that rank equally with the PPS), equally with the rights of other holders of PPS, additional
tier 1 (AT1) capital notes and other equal ranking securities and obligations, and in priority to the rights of holders of ordinary shares.
Holders of PPS are entitled to receive dividends that are discretionary, non-cumulative and subject to conditions. If a PPS dividend is not paid, there are
certain restrictions on the ability of the Bank to pay a dividend on its ordinary shares. Holders of the PPS have no other rights to participate in the profits or
property of the Bank.
Holders of PPS have no right to require that the PPS be redeemed.
The Bank has three classes of PPS: PPS issued in 2022 and 2024 that are quoted on the NZX Debt Market (Quoted PPS), and PPS issued to the
Immediate Parent Company in 2024 (2024 PPS).
PPS qualify as AT1 capital for RBNZ’s capital adequacy purposes.
The key terms of the PPS are as follows:
2022 Quoted PPS 2024 Quoted PPS 2024 PPS
Issue date 18 July 2022 19 March 2024 18 September 2024
Issue amount NZ$550 million NZ$275 million NZ$867 million
First optional redemption date 18 July 2028 19 March 2030 18 October 2030
Final maturity date Perpetual Perpetual Perpetual
Dividend amount
6.95% per annum until 18 July 2028
(after which it changes to a floating
rate equal to the New Zealand 3-
month bank bill rate plus 3.25%),
multiplied by one minus the New
Zealand company tax rate (where the
PPS dividend is fully imputed).

7.60% per annum until 19 March
2030 (after which it changes to a
floating rate equal to the New Zealand
3- month bank bill rate plus 3.25%),
multiplied by one minus the New
Zealand company tax rate (where the
PPS dividend is fully imputed).
Floating rate equal to the New
Zealand 3-month bank bill rate plus
3.03%.
As at 31 March 2025, the Quoted PPS carried a BBB+ credit rating from S&P Global Ratings.
The Bank may, at its option, redeem a class of PPS on an optional redemption date (being each scheduled quarterly dividend payment date from the first
optional redemption date), or at any time following the occurrence of a tax event or regulatory event, subject to prior written approval of RBNZ and certain
other conditions being met.

ANZ Bank New Zealand Limited unaudited



Notes to the condensed consolidated interim financial statements 21
11. Commitments and contingent liabilities
Credit related commitments and contingencies

31 Mar 25 30 Sep 24

NZ$m NZ$m
Contract amount of:
Undrawn facilities 28,447 25,759
Guarantees and letters of credit 1,319 1,232
Performance related contingencies 1,594 1,656
Total 31,360 28,647

The Banking Group guarantees the performance of customers by issuing standby letters of credit and guarantees to third parties, including its Ultimate
Parent Bank. The risk involved is essentially the same as the credit risk involved in extending loan facilities to customers, therefore these transactions are
subjected to the same credit origination, portfolio management and collateral requirements for customers applying for loans. As the facilities may expire
without being drawn upon, the notional amounts do not necessarily reflect future cash requirements.
Other contingent liabilities
There are outstanding court proceedings, claims and possible claims for and against the Banking Group. Where relevant, expert legal advice has been
obtained and, in the light of such advice, provisions and/or disclosures as deemed appropriate have been made. In some instances we have not disclosed
the estimated financial impact of the individual items either because it is not practicable to do so or because such disclosure may prejudice seriously the
interests of the Banking Group.
Regulatory and customer exposures
The Banking Group regularly engages with its regulators. The nature of these regulatory interactions can be wide ranging and include regulatory
investigations, surveillance and reviews, reportable situations, formal and informal inquiries and regulatory supervisory activities in New Zealand and
globally. The Banking Group also receives notices and requests for information from its regulators from time to time as part of both industry-wide and
Banking Group-specific reviews and makes disclosures to its regulators at its own instigation.
The nature of these interactions can be wide ranging and, for example, may relate to matters including responsible lending practices, regulated lending
requirements, product suitability and distribution, interest and fees and the entitlement to charge them, customer remediation, wealth advice, insurance
distribution, pricing, competition, conduct in financial markets and financial transactions, capital market transactions, anti- money laundering and counter-
terrorism financing obligations, privacy obligations and information security, business continuity management, reporting and disclosure obligations and
product disclosure documentation.
The possible exposures associated with the Bank’s regulatory interactions may include civil enforcement actions, criminal proceedings, fines and penalties,
imposition of capital or liquidity requirements, customer remediation, the requirement to conduct independent reviews, sanctions or the exercise of other
regulatory powers.
There may also be exposures to customers, investors or third parties which are additional to any regulatory exposures. These could include class actions
or claims for compensation or other remedies.
The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.
Loan information litigation
The Bank is defending an opt-out representative proceeding where the plaintiffs are alleging breaches of disclosure requirements under consumer credit
legislation in respect of variation letters sent to certain loan customers. T he High Court ruled the relevant class was customers who entered into a home
loan or personal loan with the Bank between 6 June 2015 and 28 May 2016 and requested a variation to that loan during that period. In July 2024, the
Court of Appeal, among other things, confirmed the class and granted the plaintiff’s application for a common fund order with immediate effect. The Bank
applied to the Supreme Court for leave to appeal the Court of Appeal’s decision as it relates to common fund orders, but the Supreme Court declined to
hear arguments on the issue. The matter has been referred back to the High Court. The parties are in discussion regarding notification of the claim to
class members and next steps.
Warranties and indemnities
The Bank has provided warranties, indemnities and other commitments in various contracts for the disposal of businesses and assets and other
commercial transactions, covering a range of matters and risks. It is exposed to potential claims under those warranties, indemnities and commitments,
some of which are currently active. The outcomes and total costs associated with these exposures remain uncertain.

ANZ Bank New Zealand Limited
22 Limited assurance report
Independent Auditor’s Review Report
To the shareholder of ANZ Bank New Zealand Limited
Report on the condensed consolidated interim financial statements
Conclusion
We have completed a review of the accompanying condensed consolidated interim financial statements (interim financial statements) which
comprises:
•the consolidated balance sheet as at 31 March 2025;
•the consolidated income statement, statement of comprehensive income, changes in equity and cash flows for the six month period then ended;
and
•notes, including a summary of material accounting policies and other explanatory information.
Based on our review of the interim financial statements of ANZ Bank New Zealand Limited (the Bank) and its subsidiaries (together, the Banking Group)
on pages 4 to 21, nothing has come to our attention that causes us to believe that the interim financial statements have not been prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting (NZ IAS 34) and IAS 34 Interim Financial Reporting (IAS 34).
Basis for conclusion
We conducted our review of the interim financial statements in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by
the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor's Responsibilities section of our
report.
We are independent of the Banking Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual
disclosure statement and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.

Ou
r firm has provided other services to the Banking Group in relation to reviews of regulatory returns, internal controls reports, prospectus assurance
or reviews, agreed upon procedures engagements and other assurance engagements. Subject to certain restrictions, partners and employees of our
firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of the business of the Banking Group. These
matters have not impaired our independence as auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking
Group.
Use of this review report
This review report is made solely to the shareholder of the Bank. Our review work has been undertaken so that we might state to the shareholder of
the Bank those matters we are required to state to them in this review report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the shareholder of the Bank for our review work, this review report, or any of the conclusions
we have formed.
Responsibilities of Directors
The Directors, on behalf of the Banking Group are responsible for:
•the preparation and fair presentation of the Banking Group interim financial statements in accordance with NZ IAS 34 and IAS 34; and
•implementing necessary internal control to enable the preparation of interim financial statements that are fairly presented and free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial
statements do not present fairly and comply with NZ IAS 34 and IAS 34, in all material respects, the Banking Group’s financial position as at 31 March
2025 and its financial performance and cash flows for the six months ended on that date.
A review of the interim financial statements prepared in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. The auditor
performs procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and
other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on the interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Jamie Munro.
For and on behalf of:
KPM
G
Auckland
7 May 2025

23
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ANZ Bank New Zealand Limited


24

Registered Bank Disclosures


This section contains the disclosures required by the Registered Bank Disclosure Statements
(New Zealand Incorporated Registered Banks) Order 2014.


Section Order reference Page
B1. General disclosures Schedule 3 25
B2. Additional financial disclosures Schedule 5 26
B3. Asset quality Schedule 7 31
B4. Capital adequacy under the internal models based approach,
and regulatory liquidity ratios

Schedule 11

36


B5. Concentration of credit exposures to individual counterparties Schedule 13 45
B6. Insurance business Schedule 16 45

Directors’ statement 46
Limited assurance reports 47

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 25
B1. General disclosures
Guarantees
No material obligations of the Bank are guaranteed as at 7 May 2025.
Changes in the Bank’s Board of Directors
As at 7 May 2025, there have been changes to the Directors of the Bank since 30 September 2024, the balance date of the last full year disclosure
statement. These changes were:
• Shayne Elliott retired as a non-executive director on 12 February 2025;
• Carolyn Steele was appointed as an independent non-executive director on 1 April 2025; and
• Alison Gerry retired as an independent non-executive director on 1 April 2025.
Auditors
KPMG, 18 Viaduct Harbour Avenue, Auckland, New Zealand.
Conditions of registration
There have been no changes to the Bank’s conditions of registration since 30 September 2024, the balance date of the last full year disclosure
statement.
Other matters relevant to the conditions of registration
There are other matters currently under review where there may be more than one valid interpretation of the respective policy wording or requirement.
Where there may be some uncertainty about the interpretation the Bank has applied, where appropriate it has sought guidance from, and will be liaising
with, RBNZ. In addition, there are some matters where an assessment of materiality has not been completed prior to approval of this Disclosure
Statement. Where that is the case, the Bank will complete materiality assessments as soon as practicable and will liaise with RBNZ in accordance with the
Bank’s usual breach reporting processes.
Pending proceedings or arbitration
A description of any pending legal proceedings or arbitration concerning any member of the Banking Group that may have a material adverse effect on
the Bank or the Banking Group is included in Note 11 Commitments and contingent liabilities.
Credit rating
The Bank has credit ratings that apply to its long-term senior unsecured obligations payable in New Zealand in New Zealand dollars.
As at 7 May 2025, the Bank’s credit ratings are:
Rating agency Credit rating Qualification
S&P Global Ratings AA- Outlook Stable
Fitch Ratings A+ Outlook Stable
Moody’s Investors Service A1 Outlook Stable

Other material matters
RBNZ capital requirements
RBNZ has revised the capital adequacy requirements applying to New Zealand locally incorporated registered banks. As a result, the Banking Group is
materially increasing the level of capital it holds over the transition period from October 2021 to July 2028. In March 2025, RBNZ announced that it intends
to conduct a reassessment of key capital settings, with any changes expected to be advised ahead of next year’s (1 July 2026) scheduled increase.
Whilst the outcomes of the future assessment are unknown, at this stage the existing key requirements for the Banking Group still being implemented are:
• The Banking Group’s total capital requirement will progressively increase to 18% of risk weighted assets (RWA), including tier 1 capital of at least 16%
of RWA. Up to 2.5% of the tier 1 capital requirement can be made up of additional tier 1 (AT1) capital, with the remainder of the tier 1 requirement
made up of common equity tier 1 (CET1) capital. AT1 capital must consist of perpetual preference shares, which may be redeemable. The total
capital requirement can also include tier 2 capital of up to 2% of RWA. Tier 2 capital must consist of long-term subordinated debt.
• The capital requirement will include a CET1 prudential capital buffer of 9% of RWA. This will include: a 2% domestic systemically important bank
capital buffer; a 1.5% 'early-set' counter-cyclical capital buffer, which can be temporarily reduced to 0% following a financial crisis, or temporarily
increased; and a 5.5% capital conservation buffer.
• Contingent capital instruments will no longer be treated as eligible regulatory capital. As at 31 March 2025, the Bank had NZ$938 million of AT1
instruments that will progressively lose eligible regulatory capital treatment over the transition period to July 2028.

ANZ Bank New Zealand Limited unaudited



26 Registered bank disclosures
B2. Additional financial disclosures
Additional information on the balance sheet
As at 31 March 2025

NZ$m
Total interest earning and discount bearing assets 186,072
Total interest and discount bearing liabilities 152,765
Total amounts due from related entities 6,228
Total amounts due to related entities 7,781

Assets charged as security for liabilities
The following disclosure excludes the amounts presented as collateral paid and received on the balance sheet that relate to derivative liabilities and
derivative assets respectively. The terms and conditions of those collateral agreements are included in the standard Credit Support Annex that forms part
of the International Swaps and Derivatives Association Master Agreement under which most of our derivatives are executed.
Assets charged as security for liabilities include the following types of instruments:
• securities provided as collateral for repurchase transactions. These transactions are governed by standard industry agreements;
• specified residential mortgages provided as security for notes and bonds issued to investors as part of the Banking Group’s covered bond
programmes; and
• collateral provided to RBNZ under the Term Lending Facility and Funding for Lending Programme.
The carrying amounts of assets pledged as security are as follows:
As at 31 March 2025

NZ$m
Securities sold under agreements to repurchase 1,311
Residential mortgages pledged as security for repurchase agreements with RBNZ 2,955
Total assets of the ANZNZ Covered Bond Trust pledged as security for covered bonds 9,229

Additional information on the income statement
The amounts of net trading gains or losses and other fair value adjustments are included in Note 2 Other operating income. The Banking Group does not
have any material credit risk adjustments on financial assets designated at FVTPL. Other operating income for the purposes of the Order comprises net
fee and commission income, and all other items of other income (all in Note 2 Other operating income).

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 27
B2. Additional financial disclosures (continued)
Additional information on concentrations of credit risk
Analysis of financial assets by industry is based on Australian and New Zealand Standard Industrial Classification (ANZSIC) codes. The significant
categories shown are the level one New Zealand Standard Industry Output Categories (NZSIOC), except that Agriculture is shown separately as required
by the Order.
Composition of financial instruments that give rise to credit risk by industry group are presented below:

Loans and
advances
Other
financial
assets
Off-balance
sheet credit
related
commitments Total
As at 31 March 2025 NZ$m NZ$m NZ$m NZ$m
New Zealand residents
Agriculture 14,981 78 1,185 16,244
Forestry and fishing, agriculture services 515 6 104 625
Mining 99 2 211 312
Manufacturing 2,429 253 1,773 4,455
Electricity, gas, water and waste services 670 197 3,681 4,548
Construction 1,019 5 961 1,985
Wholesale trade 1,581 72 1,382 3,035
Retail trade and accommodation 2,793 15 703 3,511
Transport, postal and warehousing 1,066 32 667 1,765
Finance and insurance services 1,223 13,643 1,327 16,193
Rental, hiring & real estate services 36,952 1,929 1,970 40,851
Professional, scientific, technical, administrative and support services 1,100 15 533 1,648
Public administration and safety 239 13,314 883 14,436
Health care and social assistance 927 7 235 1,169
Households 84,854 406 14,049 99,309
All other New Zealand residents
1
1,185 81 1,422 2,688
Subtotal 151,633 30,055 31,086 212,774
Overseas
Finance and insurance services 50 12,985 274 13,309
Households 1,538 7 - 1,545
All other non-New Zealand residents 594 11 - 605
Subtotal 2,182 13,003 274 15,459
Gross subtotal 153,815 43,058 31,360 228,233
Allowance for ECL (712) - (126) (838)
Subtotal 153,103 43,058 31,234 227,395
Unearned income (25) - - (25)
Capitalised brokerage and other origination costs 566 - - 566
Maximum exposure to credit risk 153,644 43,058 31,234 227,936
1.
All other New Zealand residents includes exposures to information media and telecommunications, education and training; arts and recreation services; and other services.

ANZ Bank New Zealand Limited unaudited



28 Registered bank disclosures
B2. Additional financial disclosures (continued)
Additional information on concentrations of funding
Analysis of funding liabilities by industry is based on ANZSIC codes. The significant categories shown are the level one NZSIOC.
As at 31 March 2025

NZ$m
Funding composition
Customer deposits 140,896
Wholesale funding
Debt issuances 17,799
Certificates of deposit and commercial paper 3,458
Other borrowings 4,264
Total wholesale funding 25,521
Total deposits and wholesale funding 166,417

Customer deposits by industry - New Zealand residents
Agriculture, forestry and fishing 4,694
Mining 309
Manufacturing 2,960
Construction 3,223
Wholesale trade 2,324
Retail trade and accommodation 2,406
Transport, postal and warehousing 1,540
Financial and insurance services 14,000
Rental, hiring and real estate services 3,771
Professional, scientific, technical, administrative and support services 7,018
Public administration and safety 1,805
Health care and social assistance 1,524
Arts, recreation and other services 2,330
Households 78,968
All other New Zealand residents
1
3,034
Subtotal 129,906
Customer deposits by industry - overseas
Households 9,979
All other non-New Zealand residents 1,011
Subtotal 10,990
Total customer deposits 140,896
Wholesale funding (financial and insurance services industry)
New Zealand 7,118
Overseas 18,403
Total wholesale funding 25,521
Total deposits and wholesale funding 166,417

Concentrations of funding by geography
New Zealand 137,024
Australia 2,186
United States 10,940
Europe 8,435
Other countries 7,832
Total deposits and wholesale funding 166,417
1.
All other New Zealand residents includes electricity, gas, water and waste services; information media and telecommunications; and education and training.

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 29
B2. Additional financial disclosures (continued)
Additional information on interest rate sensitivity
The following table represents the interest rate sensitivity of the Banking Group's assets, liabilities and off-balance sheet instruments by showing the
periods in which these instruments may reprice, that is, when interest rates applicable to each asset or liability can be changed.

Total
Up to
3 months
Over 3 to
6 months
Over 6 to
12 months
Over 1 to
2 years
Over
2 years
Not bearing
interest
1

As at 31 March 2025 NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Assets
Cash and cash equivalents 11,145 10,925 - - - - 220
Settlement balances receivable 687 - - - - - 687
Collateral paid 742 742 - - - - -
Trading securities 5,774 314 413 293 1,139 3,615 -
Derivative financial instruments 8,874 - - - - - 8,874
Investment securities 14,882 - - 98 1,424 13,355 5
Net loans and advances 153,644 74,736 21,271 36,853 17,150 3,744 (110)
Other financial assets 1,076 - - - - - 1,076
Total financial assets 196,824 86,717 21,684 37,244 19,713 20,714 10,752
Liabilities
Settlement balances payable 3,408 1,797 - - - - 1,611
Collateral received 951 951 - - - - -
Deposits and other borrowings 148,618 95,008 18,923 13,447 2,044 2,252 16,944
Derivative financial instruments 8,323 - - - - - 8,323
Debt issuances 17,799 938 428 - 4,593 11,840 -
Lease liabilities 191 12 12 22 40 105 -
Other financial liabilities 1,379 353 - - - - 1,026
Total financial liabilities 180,669 99,059 19,363 13,469 6,677 14,197 27,904
Hedging instruments - 6,873 2,516 (12,601) (2,773) 5,985 -
Interest sensitivity gap 16,155 (5,469) 4,837 11,174 10,263 12,502 (17,152)
1.
Excludes non-coupon bearing discounted financial assets and financial liabilities which are shown as repricing on their maturity date.

Additional information on liquidity risk
Maturity analysis of financial liabilities
The table below provides residual contractual maturity analysis of financial liabilities at 31 March 2025 within relevant maturity groupings. All outstanding
debt issuances are profiled on the earliest date on which the Banking Group may be required to pay. The amounts represent principal and interest cash
flows – so they may differ from equivalent amounts reported on the balance sheet.

On demand
Less than
3 months
3 to 12
months
1 to 5
years
After
5 years Total
As at 31 March 2025 NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Settlement balances payable 2,662 770 - - - 3,432
Collateral received - 951 - - - 951
Deposits and other borrowings 81,018 31,189 33,935 4,793 3 150,938
Derivative financial liabilities (trading) - 8,277 - - - 8,277
Debt issuances
1
- 13 943 18,951 - 19,907
Lease liabilities - 14 39 124 41 218
Other financial liabilities - 125 6 157 288 576
Derivative financial instruments (balance sheet management)
- gross inflows - 1,458 3,604 7,907 922 13,891
- gross outflows - (1,552) (3,686) (8,156) (923) (14,317)
1.
Any callable wholesale debt instruments have been included at their next call date.
At 31 March 2025, NZ$31,360 million of its credit related commitments and contingent liabilities mature in less than 1 year, based on the earliest date on
which the Banking Group may be required to pay.

ANZ Bank New Zealand Limited unaudited



30 Registered bank disclosures
B2. Additional financial disclosures (continued)
Liquidity portfolio management
The Banking Group holds a diversified portfolio of cash and high quality liquid securities primarily to support liquidity risk management. The size of the
Banking Group’s liquidity portfolio is determined with consideration of the amount required to meet the requirements of its internal and regulatory liquidity
scenario metrics.
As at 31 March 2025
NZ$m
Central and local government bonds 11,804
Government treasury bills 621
Certificates of deposit 172
Other bonds 7,650
Securities eligible to be accepted as collateral in repurchase transactions 20,247
Cash and balances with central banks 9,601
Total liquidity portfolio 29,848
Assets held in the Banking Group’s liquidity portfolio are all denominated in New Zealand dollars and include balances held with RBNZ and securities issued
by the New Zealand Government, supranational agencies, highly rated banks, state owned enterprises, local authorities (including through a funding
authority) and highly rated corporates.
The Bank also held unencumbered internal residential mortgage backed securities (RMBS) which would be accepted as collateral by RBNZ in repurchase
transactions. These holdings would entitle the Bank to enter into repurchase transactions with RBNZ with a value of NZ$11,137 million at 31 March 2025
(September 2024: NZ$10,480 million).
RBNZ Term Lending Facility (TLF) and Funding for Lending Programme (FLP)
• Between May 2020 and July 2021, RBNZ made funds available under the TLF to promote lending to businesses. The TLF is a five-year secured
funding facility for New Zealand banks at a fixed rate of 0.25%.
• Between December 2020 and December 2022, RBNZ made funds available under the FLP to lower the cost of borrowing for New Zealand
businesses and households. The FLP is a three-year secured funding facility for New Zealand banks at a floating rate of the New Zealand Official Cash
Rate (OCR).
As at 31 March 2025, the Bank had drawn NZ$194 million (September 2024: NZ$228 million) under the TLF and NZ$2,000 million under the FLP
(September 2024: NZ$2,500 million). These amounts are included in securities sold under repurchase agreements in Note 6 Deposits and other
borrowings.

Reconciliation of mortgage related amounts
As at 31 March 2025 Note NZ$m
Term loans - housing
1
4 113,128
Less: housing loans made to corporate customers (1,408)
Add: unsettled re-purchases of mortgages from the NZ Branch 2
On-balance sheet residential mortgage exposures subject to the IRB approach (per asset quality and LVR analysis) B3, B4 111,722
Add: off-balance sheet residential mortgage exposures subject to the IRB approach (per asset quality and LVR analysis) B3, B4 9,964
Total residential mortgage exposures subject to the IRB approach (per LVR analysis) B4 121,686
1.
Term loans – housing includes loans secured over residential property for owner-occupier, residential property investment and business purposes.

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 31
B3. Asset quality
This section should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements,
Note 5 Allowance for expected credit losses and Note 8 Credit risk.
Movements in components of loss allowance – total

Stage 3

Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 187 370 104 64 725
Transfer between stages 56 (57) - 1 -
New and increased provisions (net of releases) (78) 69 - 38 29
Write-backs - - - (20) (20)
Recoveries of amounts previously written off - - - (4) (4)
Credit impairment charge/(release) (22) 12 - 15 5
Bad debts written-off (excluding recoveries) - - - (23) (23)
Add back recoveries of amounts previously written off - - - 4 4
Discount unwind reversal - - - 1 1
As at 31 March 2025 165 382 104 61 712

Off-balance sheet credit related commitments

As at 1 October 2024 74 56 3 3 136
Transfer between stages 5 (5) - - -
New and increased provisions (net of releases) (10) 1 - (1) (10)
Credit impairment charge/(release) (5) (4) - (1) (10)
As at 31 March 2025 69 52 3 2 126

Impacts of changes in gross financial assets on loss allowances - total



Gross loans and advances at amortised cost

As at 1 October 2024 138,353 11,920 1,253 370 151,896
Net transfers into each stage 437 8 387 10 842
Amounts drawn from new or existing facilities 22,028 761 37 159 22,985
Additions 22,465 769 424 169 23,827
Net transfers out of each stage (313) (528) - (1) (842)
Amounts repaid (19,185) (1,769) (232) (173) (21,359)
Deletions (19,498) (2,297) (232) (174) (22,201)
Amounts written off - - - (23) (23)
As at 31 March 2025 141,320 10,392 1,445 342 153,499
Loss allowance as at 31 March 2025 165 382 104 61 712


Off-balance sheet credit related commitments

As at 1 October 2024 27,068 1,543 26 10 28,647
Net transfers into each stage - 208 3 2 213
New and increased facilities and drawn amounts repaid 6,713 164 2 5 6,884
Additions 6,713 372 5 7 7,097
Net transfers out of each stage (206) - (7) - (213)
Reduced facilities and amounts drawn (3,949) (214) (6) (2) (4,171)
Deletions (4,155) (214) (13) (2) (4,384)
As at 31 March 2025 29,626 1,701 18 15 31,360
Loss allowance as at 31 March 2025 69 52 3 2 126
Explanation of how changes in the gross carrying amounts of gross loans and advances contributed to changes in loss allowance
Overall, loss allowances are 0.45% of gross balances as at 31 March 2025, down from 0.48% as at 30 September 2024. The NZ$23 million (2.7%)
decrease in loss allowances was driven by a decrease in the proportion of gross balances in Stage 2 and changes in the forward-looking economic
scenarios as described in Note 5 Allowance for expected credit losses, partially offset by an increase in management temporary adjustments.

ANZ Bank New Zealand Limited unaudited



32 Registered bank disclosures
B3. Asset quality (continued)
Movements in components of loss allowance – residential mortgages

Stage 3

Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 41 86 47 17 191
Transfer between stages 14 (19) 4 1 -
New and increased provisions (net of releases) (15) 25 (1) 7 16
Write-backs - - - (5) (5)
Recoveries of amounts previously written off - - - - -
Credit impairment charge/(release) (1) 6 3 3 11
Bad debts written-off (excluding recoveries) - - - - -
Add back recoveries of amounts previously written off - - - - -
Discount unwind - - - - -
As at 31 March 2025 40 92 50 20 202

Off-balance sheet credit related commitments

As at 1 October 2024 - - - - -
Transfer between stages - - - - -
New and increased provisions (net of releases) 1 - - - 1
Credit impairment charge/(release) 1 - - - 1
As at 31 March 2025 1 - - - 1

Impacts of changes in gross financial assets on loss allowances - residential mortgages


Gross loans and advances at amortised cost

As at 1 October 2024 103,750 4,779 833 55 109,417
Net transfers into each stage - - 339 9 348
Amounts drawn from new or existing facilities 15,519 257 16 42 15,834
Additions 15,519 257 355 51 16,182
Net transfers out of each stage (294) (54) - - (348)
Amounts repaid (12,801) (575) (128) (25) (13,529)
Deletions (13,095) (629) (128) (25) (13,877)
Amounts written off - - - - -
As at 31 March 2025 106,174 4,407 1,060 81 111,722
Loss allowance as at 31 March 2025 40 92 50 20 202


Off-balance sheet credit related commitments

As at 1 October 2024 9,555 80 1 - 9,636
Net transfers into each stage - 10 - - 10
New and increased facilities and drawn amounts repaid 1,395 8 - - 1,403
Additions 1,395 18 - - 1,413
Net transfers out of each stage (10) - - - (10)
Reduced facilities and amounts drawn (1,064) (11) - - (1,075)
Deletions (1,074) (11) - - (1,085)
As at 31 March 2025 9,876 87 1 - 9,964
Loss allowance as at 31 March 2025 1 - - - 1
Explanation of how changes in the gross carrying amounts of residential mortgages contributed to changes in loss allowance
The NZ$12 million ( 6.3%) increase in loss allowances on residential mortgage exposures is primarily driven by an increase in the proportion of gross
balances in Stage 3 and management temporary adjustments, partially offset by changes in the forward-looking economic scenarios as described in Note
5 Allowance for expected credit losses. Overall loss allowances and individually impaired exposures remain low, reflecting that approximately 92% of on-
balance sheet residential mortgage exposures have loan to valuation ratios not exceeding 80% (refer to page 40).

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 33
B3. Asset quality (continued)
Movements in components of loss allowance – other retail exposures

Stage 3

Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 2 45 15 3 65
Transfer between stages 3 (3) - - -
New and increased provisions (net of releases) (5) 3 1 22 21
Write-backs - - - (3) (3)
Recoveries of amounts previously written off - - - (4) (4)
Credit impairment charge/(release) (2) - 1 15 14
Bad debts written-off (excluding recoveries) - - - (18) (18)
Add back recoveries of amounts previously written off - - - 4 4
Discount unwind - - - - -
As at 31 March 2025 - 45 16 4 65

Off-balance sheet credit related commitments

As at 1 October 2024 18 6 2 - 26
Transfer between stages 2 (2) - - -
New and increased provisions (net of releases) (2) (1) - - (3)
Credit impairment charge/(release) - (3) - - (3)
As at 31 March 2025 18 3 2 - 23

Impacts of changes in gross financial assets on loss allowances - other retail exposures


Gross loans and advances at amortised cost

As at 1 October 2024 2,201 124 32 6 2,363
Net transfers into each stage - 8 10 1 19
Amounts drawn from new or existing facilities 291 10 3 29 333
Additions 291 18 13 30 352
Net transfers out of each stage (19) - - - (19)
Amounts repaid (306) (23) (12) (7) (348)
Deletions (325) (23) (12) (7) (367)
Amounts written off - - - (18) (18)
As at 31 March 2025 2,167 119 33 11 2,330
Loss allowance as at 31 March 2025 - 45 16 4 65


Off-balance sheet credit related commitments

As at 1 October 2024 4,477 27 9 - 4,513
Net transfers into each stage - 3 3 - 6
New and increased facilities and drawn amounts repaid 183 3 1 - 187
Additions 183 6 4 - 193
Net transfers out of each stage (6) - - - (6)
Reduced facilities and amounts drawn (183) (6) (3) - (192)
Deletions (189) (6) (3) - (198)
As at 31 March 2025 4,471 27 10 - 4,508
Loss allowance as at 31 March 2025 18 3 2 - 23
Explanation of how changes in the gross carrying amounts of other retail exposures contributed to changes in loss allowance
The NZ$3 million (3.3%) decrease in loss allowances is driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance
for expected credit losses, partially offset by an increase in management temporary adjustments.

ANZ Bank New Zealand Limited unaudited



34 Registered bank disclosures
B3. Asset quality (continued)
Movements in components of loss allowance – corporate exposures
1


Stage 3

Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 144 239 42 44 469
Transfer between stages 39 (35) (4) - -
New and increased provisions (net of releases) (58) 41 - 9 (8)
Write-backs - - - (12) (12)
Recoveries of amounts previously written off - - - - -
Credit impairment charge/(release) (19) 6 (4) (3) (20)
Bad debts written-off (excluding recoveries) - - - (5) (5)
Add back recoveries of amounts previously written off - - - - -
Discount unwind reversal - - - 1 1
As at 31 March 2025 125 245 38 37 445

Off-balance sheet credit related commitments

As at 1 October 2024 56 50 1 3 110
Transfer between stages 3 (3) - - -
New and increased provisions (net of releases) (9) 2 - (1) (8)
Credit impairment charge/(release) (6) (1) - (1) (8)
As at 31 March 2025 50 49 1 2 102

Impacts of changes in gross financial assets on loss allowances - corporate exposures


Gross loans and advances at amortised cost

As at 1 October 2024 32,402 7,017 388 309 40,116
Net transfers into each stage 437 - 38 - 475
Amounts drawn from new or existing facilities 6,218 494 18 88 6,818
Additions 6,655 494 56 88 7,293
Net transfers out of each stage - (474) - (1) (475)
Amounts repaid (6,078) (1,171) (92) (141) (7,482)
Deletions (6,078) (1,645) (92) (142) (7,957)
Amounts written off - - - (5) (5)
As at 31 March 2025 32,979 5,866 352 250 39,447
Loss allowance as at 31 March 2025 125 245 38 37 445


Off-balance sheet credit related commitments

As at 1 October 2024 13,036 1,436 16 10 14,498
Net transfers into each stage - 195 - 2 197
New and increased facilities and drawn amounts repaid 5,135 153 1 5 5,294
Additions 5,135 348 1 7 5,491
Net transfers out of each stage (190) - (7) - (197)
Reduced facilities and amounts drawn (2,702) (197) (3) (2) (2,904)
Deletions (2,892) (197) (10) (2) (3,101)
As at 31 March 2025 15,279 1,587 7 15 16,888
Loss allowance as at 31 March 2025 50 49 1 2 102
1.
Also includes all other non-retail exposure classes in net loans and advances and off-balance sheet credit related commitments to reconcile to the respective totals for the Banking Group.
Explanation of how changes in the gross carrying amounts of corporate exposures contributed to changes in loss allowance
The NZ$32 million (5.5%) decrease in loss allowances is driven by a decrease in the proportion of gross balances in Stage 2 and Stage 3, and changes in
the forward-looking economic scenarios as described in Note 5 Allowance for expected credit losses, partially offset by an increase in management
temporary adjustments.

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 35
B3. Asset quality (continued)
Past due assets and other asset quality information

Residential
mortgages
Other retail
exposures
Corporate
exposures Total
As at 31 March 2025 NZ$m NZ$m NZ$m NZ$m
Past due assets
Less than 30 days past due 675 88 450 1,213
At least 30 days but less than 60 days past due 363 13 261 637
At least 60 days but less than 90 days past due 295 8 2 305
At least 90 days past due 967 22 121 1,110
Total past due but not individually impaired 2,300 131 834 3,265

Other asset quality information

Undrawn facilities with individually impaired customers - - 15 15
Other assets under administration 2 1 - 3

Asset quality for financial assets designated at fair value
The Banking Group has no financial assets designated at FVTPL where changes in fair value are attributable to the credit risk of the financial asset.

ANZ Bank New Zealand Limited unaudited



36 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios
RBNZ capital ratios

RBNZ minimum Banking Group
Bank
(Solo Consolidated)
As at 31 Mar 25 31 Mar 24 31 Mar 25 31 Mar 24 31 Mar 25 31 Mar 24
Common equity tier 1 capital 4.5% 4.5% 12.8% 12.8% 12.6% 12.6%
Tier 1 capital 7.0% 6.0% 15.2% 14.7% 15.0% 14.5%
Total capital 9.0% 8.0% 17.4% 16.2% 17.2% 15.9%
Prudential capital buffer ratio 4.5% 4.5% 8.2% 8.2% n/a n/a

Capital

As at 31 March 2025

NZ$m
Tier 1 capital
Common equity tier 1 (CET1) capital
Paid up ordinary shares issued by the Bank 15,988
Retained earnings (net of appropriations)
1
1,713
Accumulated other comprehensive income and other disclosed reserves
2
28
Less deductions from CET1 capital
Goodwill and intangible assets, net of associated deferred tax liabilities (3,097)
Deferred tax assets less deferred tax liabilities relating to temporary differences (424)
Cash flow hedge reserve (61)
Defined benefit superannuation plan surplus (36)
Expected losses to the extent greater than total eligible allowances for impairment (387)
CET1 capital 13,724
Additional tier 1 (AT1) capital
NZD 1,692m perpetual preference shares
3
1,692
Transitional AT1 capital
NZD 938m ANZ New Zealand Internal Capital Notes (ANZ NZ ICN)
4
938
AT1 capital 2,630
Total tier 1 capital 16,354
Tier 2 capital
NZD 600m subordinated notes
4
600
USD 1,000m subordinated notes
4
1,751
Tier 2 capital 2,351
Total capital 18,705
1.
Includes a deduction for dividends on AT1 capital instruments approved by the Bank’s board, but not yet paid as at 31 March 2025, as required by BPR110 Capital Definitions. These dividends are not
recognised under NZ GAAP because the payment of the dividends remains at the Bank’s discretion until payment is made.
2.
Includes the cash flow hedging reserve of NZ$61 million less the FVOCI reserve of NZ$33 million as at 31 March 2025.
3.
Classified as equity on the balance sheet under NZ GAAP.
4.
Classified as a liability on the balance sheet under NZ GAAP.

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 37
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Total capital requirements of the Banking Group

Total exposure
after credit risk
mitigation
Risk weighted
exposure or
implied risk
weighted
exposure
Total capital
requirement
As at 31 March 2025 NZ$m NZ$m NZ$m
Exposures subject to internal ratings based approach 174,490 66,210 5,959
Specialised lending exposures subject to the slotting approach 10,356 10,158 914
Exposures subject to the standardised approach 38,272 4,879 439
Output floor balancing item n/a 7,755 698
Total credit risk 223,118 89,002 8,010
Market risk n/a 6,194 557
Operational risk n/a 12,209 1,099
Total n/a 107,405 9,666

Capital structure
Ordinary shares – CET1 capital
Ordinary shares have no par value. Each fully paid ordinary share gives the holder the right to one vote on a poll at a general meeting of the Bank. Ordinary
shares are recognised at the amount paid per ordinary share net of directly attributable costs. They entitle holders to receive dividends, and surplus assets
available in a liquidation of the Bank, in proportion to the number of fully paid ordinary shares held.
Perpetual preference shares – AT1 capital
Perpetual preference shares (PPS) do not carry any voting rights. They are classified as equity instruments as there is no contractual obligation for the
Bank to either deliver cash or another financial instrument or to exchange financial instruments on a potentially unfavourable basis.
In the event of liquidation, holders of PPS are entitled to an amount equal to the issue price of the PPS. Holders of PPS rank behind the claims of all
depositors and other creditors of the Bank (other than creditors that rank equally with the PPS), equally with the rights of other holders of the PPS, AT1
capital notes and other equal ranking securities and obligations, and in priority to the rights of holders of ordinary shares.
Holders of PPS are entitled to receive dividends that are discretionary, non-cumulative and subject to conditions. If a PPS dividend is not paid, there are
certain restrictions on the ability of the Bank to pay a dividend on its ordinary shares. Holders of the PPS have no other rights to participate in the profits or
property of the Bank.
Holders of PPS have no right to require that the PPS be redeemed.
The Bank has three classes of PPS: PPS issued in 2022 and 2024 that are quoted on the NZX Debt Market (Quoted PPS), and PPS issued to the
Immediate Parent Company in 2024 (2024 PPS).
PPS qualify for AT1 capital for RBNZ’s capital adequacy purposes.
The key terms of the PPS are as follows:
2022 Quoted PPS 2024 Quoted PPS 2024 PPS
Issue date 18 July 2022 19 March 2024 18 September 2024
Issue amount NZ$550 million NZ$275 million NZ$867 million
First optional redemption date 18 July 2028 19 March 2030 18 October 2030
Final maturity date Perpetual Perpetual Perpetual
Dividend amount
6.95% per annum until 18 July 2028
(after which it changes to a floating
rate equal to the New Zealand 3-
month bank bill rate plus 3.25%),
multiplied by one minus the New
Zealand company tax rate (where the
PPS dividend is fully imputed).

7.60% per annum until 19 March
2030 (after which it changes to a
floating rate equal to the New Zealand
3- month bank bill rate plus 3.25%),
multiplied by one minus the New
Zealand company tax rate (where the
PPS dividend is fully imputed).
Floating rate equal to the New
Zealand 3-month bank bill rate plus
3.03%.
As at 31 March 2025, the Quoted PPS carried a BBB+ credit rating from S&P Global Ratings.
The Bank may, at its option, redeem a class of PPS on an optional redemption date (being each scheduled quarterly dividend payment date from the first
optional redemption date), or at any time following the occurrence of a tax event or regulatory event, subject to prior written approval of RBNZ and certain
other conditions being met.

ANZ Bank New Zealand Limited unaudited



38 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
AT1 capital notes
AT1 capital notes are convertible non-cumulative perpetual subordinated debt securities. Holders of AT1 capital notes do not have any right to vote in
general meetings of the Bank. AT1 capital notes are classified as debt given there are circumstances beyond the Bank’s control where the principal is
converted into a variable number of ordinary shares of the Bank. Interest payments on AT1 capital notes are discretionary, non- cumulative and subject to
conditions.
In the event of liquidation, holders of AT1 capital notes are entitled to claim an amount equal to the issue price of the AT1 capital notes. Holders of AT1
capital notes rank behind the claims of all depositors and other creditors of the Bank (other than creditors that rank equally with the AT1 capital notes),
equally with the rights of holders of PPS, and other equal ranking securities and obligations, and in priority to the rights of holders of ordinary shares.
The Bank issued $938 million of AT1 capital notes to NZ Branch in 2016 (ANZ NZ ICN). The key terms of the ANZ NZ ICN notes are as follows:
The interest amount is based on a floating rate equal to the aggregate of the New Zealand 6 month bank bill rate plus 6.29% per annum.
ANZ NZ ICN notes provide the Bank with a redemption option on specified dates and a redemption or conversion to equity option in certain other
circumstances. Redemption is subject to RBNZ’s prior written approval. The ANZ NZ ICN notes will immediately convert into ordinary shares of the Bank if:
• the Banking Group’s common equity tier 1 capital ratio is equal to or less than 5.125% - known as a Common Equity Capital Trigger Event; or
• RBNZ directs the Bank to convert or write-off the ANZ NZ ICN notes, or a statutory manager is appointed to the Bank and decides that the Bank must
convert or write-off the ANZ NZ ICN notes.
RBNZ has revised its capital adequacy requirements for New Zealand banks. Under the revised requirements, the ANZ NZ ICN are subject to a progressive
reduction in their regulatory capital recognition and will not be recognised from 1 July 2028. However, the ANZ NZ ICN are expected to fully contribute to
the Bank’s capital adequacy requirements until at least their next optional call date.
The Bank has determined that a regulatory event has occurred in respect of the ANZ NZ ICN. The occurrence of a regulatory event means that the Bank
may choose to redeem the ANZ NZ ICN at its discretion, subject to certain conditions including prior written approval of RBNZ. As at 7 May 2025, no
decision has been made on whether the Bank will redeem the ANZ NZ ICN.
Tier 2 capital
Tier 2 capital notes are fully paid unsecured subordinated notes. Interest payments are subject to the Bank being solvent at the time of, and immediately
following, the payment. Unpaid interest accumulates, and will be paid at the earlier of when the Bank is solvent again or at maturity. The Bank may repay
the notes early (the next optional call dates are specified below), or in certain other circumstances (such as a tax or regulatory event). Early repayment is
subject to certain conditions, including approval from RBNZ.

Next optional call date - Interest Interest Credit
31 Mar 25
Currency Face value Issue date Maturity subject to RBNZ's approval rate reset date rating
2
NZ$m
NZD 600m Sep 2021 Sep 2031 Sep 2026 2.999% Sep 2026 A 598
USD 500m Aug 2022 Aug 2032 Aug 2027 5.548% Aug 2027 A 854
USD 500m Jul 2024 Jul 2034 Jul 2029 5.898% Jul 2029 A 890
Total tier 2 capital
1
2,342
1.
Carrying amounts are net of issuance costs and, where applicable, fair value hedge accounting adjustments.
2.
Credit rating from S&P Global Ratings as at 31 March 2025.

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 39
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Credit risk subject to the Internal Ratings Based (IRB) approach
IRB credit exposures by exposure class and customer credit rating

Probability of
default Total value
Exposure at
default
Exposure-
weighted
LGD used for
the capital
calculation
Exposure-
weighted risk
weight
Risk
weighted
assets
As at 31 March 2025 % NZ$m NZ$m % % NZ$m
Corporate
0 - 2 0.05 70,713 8,699 55 24 2,516
3 - 4 0.37 43,426 17,160 35 40 8,307
5 1.01 14,865 12,141 31 54 7,938
6 2.27 5,223 4,736 33 74 4,223
7 - 8 15.10 2,728 2,205 36 154 4,066
Default 100.00 304 307 32 147 541
Total corporate exposures 2.07 137,259 45,248 37 51 27,591
Residential mortgages
0 - 3 0.15 42,298 42,755 16 6 2,899
4 0.43 24,490 24,540 18 14 4,242
5 0.89 26,830 26,907 20 25 8,171
6 2.17 21,319 21,349 20 46 11,874
7 - 8 5.72 5,610 5,615 20 78 5,247
Default 100.00 1,139 1,138 20 14 188
Total residential mortgage exposures 1.91 121,686 122,304 18 22 32,621
Other retail
0 - 2 0.10 493 495 77 49 293
3 - 4 0.26 3,994 4,067 78 56 2,719
5 1.09 1,032 1,010 78 83 1,009
6 2.75 563 587 84 109 766
7 - 8 8.23 714 738 87 136 1,207
Default 100.00 42 41 81 8 4
Total other retail exposures 2.03 6,838 6,938 79 72 5,998
Total credit risk exposures subject to the IRB approach 1.96 265,783 174,490 26 32 66,210

IRB credit exposures include the following undrawn commitments and other off-balance sheet contingent liabilities:

Total value
Exposure at
default
As at 31 March 2025 NZ$m NZ$m
Undrawn commitments and other off-balance sheet contingent liabilities
Corporate 13,870 11,606
Residential mortgages 9,964 10,421
Other retail 4,508 4,549
Counterparty credit risk on derivatives and securities financing transactions
Corporate 91,646 1,646
Total 119,988 28,222

ANZ Bank New Zealand Limited unaudited



40 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Additional mortgage information
As required by RBNZ, LVRs are calculated as the current exposure secured by a residential mortgage divided by the Banking Group's valuation of the
security property at origination of the exposure. Off-balance sheet exposures include undrawn and partially drawn residential mortgage loans as well as
commitments to lend. Commitments to lend are formal offers for housing lending which have been accepted by the customer.

On-balance
sheet
Off-balance
sheet Total
As at 31 March 2025 NZ$m NZ$m NZ$m
LVR range
Does not exceed 60% 56,727 7,426 64,153
Exceeds 60% and not 70% 20,652 1,138 21,790
Exceeds 70% and not 80% 25,496 1,108 26,604
Does not exceed 80% 102,875 9,672 112,547
Exceeds 80% and not 90% 7,421 182 7,603
Exceeds 90% 1,426 110 1,536
Total 111,722 9,964 121,686

Specialised lending subject to the slotting approach

Exposures
after
credit risk
mitigation
Risk
weight
Risk
weighted
assets
As at 31 March 2025 NZ$m % NZ$m
On-balance sheet exposures
Strong 6,001 70 5,041
Good 2,394 90 2,586
Satisfactory 452 115 624
Weak 372 250 1,116
Default 322 - -
Off-balance sheet exposures by average risk weight
Undrawn commitments and other off-balance sheet exposures 815 81 791
Total exposures subject to the slotting approach 10,356 82 10,158

The supervisory categories of specialised lending above are associated with specific risk-weights. These categories broadly correspond to the following
external credit assessments using S&P Global Ratings' rating scale, Strong: BBB- or better, Good: BB+ or BB, Satisfactory: BB- or B+ and Weak: B to C-.

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 41
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Credit risk exposures subject to the standardised approach

Exposure or
principal
amount
Average
credit
conversion
factor
Exposure
after credit
risk
mitigation
Risk
weight
Risk
weighted
assets
As at 31 March 2025 NZ$m % NZ$m % NZ$m
On-balance sheet exposures by separate risk weight
Cash and gold bullion 122 - -
Sovereign and central banks 21,586 - -
Multilateral development banks and other international organisations 4,755 - -
Public sector entities 1,775 20 355
Banks - 20% risk weight 449 20 90
Banks - 50% risk weight 828 50 414
Banks - 100% risk weight 7 100 7
Equity exposures not deducted from capital
Unlisted equity holdings 5 400 22
Other on-balance sheet exposures by average risk weight
Corporate 72 100 72
Past due assets - 150 -
Other assets 1,422 100 1,422
Off-balance sheet exposures by average risk weight
Total off balance sheet exposures 2,179 57 1,245 44 544
Counterparty credit risk by average risk weight
Foreign exchange contracts 322,699 3,582 20 701
Interest rate contracts 618,151 1,141 20 229
Other 2,673 33 20 7
Credit valuation adjustment 832
Trades settled on Qualifying Central Counterparties (QCCP)
by average risk weight

Bank as QCCP clearing member, clearing own trades 1,025 18 180
Collateral posted for clearing own trades 225 2 4
Total exposures subject to the standardised approach 38,272 13 4,879

Credit valuation adjustment
The IRB, slotting and standardised tables above include a Credit valuation adjustment (CVA) capital charge of NZ$108 million, and implied risk weighted
exposures for the CVA of NZ$1,204 million.
Credit risk mitigation
As at 31 March 2025, under the IRB approach, the Banking Group had NZ$278 million of corporate exposures covered by guarantees where the
presence of the guarantees was judged to reduce the underlying credit risk of the exposures. Information on the value of other exposures covered by
financial guarantees and eligible financial collateral is not disclosed, as the effect of these guarantees and collateral on the underlying credit risk exposures
is not considered to be material.

ANZ Bank New Zealand Limited unaudited



42 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Impact of the standardised floor on total credit RWAs

Risk weighted assets

Calculated for
compliance
purposes
Recalculated using
the standardised
approach
As at 31 March 2025 NZ$m NZ$m
Exposures subject to the IRB or slotting approaches
1
76,368 98,968
Standardised floor at 85% of standardised equivalents n/a 84,123
Output floor adjusting item 7,755 n/a
IRB and slotting RWA with floor applied 84,123 n/a
RWAs for standardised exposures 4,879 n/a
Total credit risk RWAs 89,002 n/a
1.
RWA calculated for compliance purposes includes a scalar of 1.2 as required by BPR 130 Credit Risk RWAs Overview.
Information about RWA recalculated using the standardised approach is in section Standardised equivalents of IRB risk weighted assets on page 44.
In accordance with BPR 130 Credit Risk RWAs Overview, IRB and slotting RWA with standardised floor applied is calculated as the greater of RWA for
compliance purposes, and 85% of the total RWA for such exposures calculated using the standardised approach.
Market risk
The aggregate capital charge below has been calculated in accordance with BPR140: Market Risk. Implied risk weighted exposures are equal to 12.5 x
aggregate capital charge in accordance with BPR100: Capital Adequacy and as prescribed by the Order. The peak end-of-day market risk exposures are
for the six months ended 31 March 2025.
The total capital requirement for market risk exposure calculated at 9% of implied risk weighted exposure is disclosed on page 37.

Implied risk
weighted exposure

Aggregate capital
charge

Period end Peak Period end Peak
As at 31 March 2025 NZ$m NZ$m NZ$m NZ$m
Interest rate risk 6,144 6,670 492 534
Foreign currency risk 45 94 4 8
Equity risk 5 5 - -

Operational risk
As required by the Bank’s conditions of registration, the Banking Group uses the standardised approach to calculate the total operational risk capital
requirement in accordance with BPR150: Standardised Operational Risk.
As at 31 March 2025, the Banking Group had an implied risk weighted exposure of NZ$12,209 million and a total operational risk capital requirement of
NZ$977 million. The implied risk weighted exposure is equal to 12.5 x total operational risk capital requirement in accordance with BPR100: Capital
Adequacy and as prescribed by the Order.
The total capital requirement for operational risk calculated at 9% of implied risk weighted exposure is disclosed on page 37.
Capital for other material risks
The Banking Group has an Internal Capital Adequacy Assessment Process (ICAAP) which complies with the requirements of the Bank's Conditions of
Registration. The Banking Group's ICAAP identifies and measures all ‘other material risks’, which are those material risks that are not explicitly captured in
the calculation of the Banking Group's tier 1 and total capital ratios. The Banking Group has identified credit concentration risk as an other material risk. As
at 31 March 2025, the Banking Group's internal capital allocation for other material risks is NZ$140 million (March 2024: NZ$121 million, updated from
$416 million for revised methodology).

ANZ Bank New Zealand Limited unaudited




Registered bank disclosures 43
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Information about Ultimate Parent Bank and Overseas Banking Group
APRA Basel III capital ratios


Overseas Banking Group
Ultimate Parent Bank
(Extended Licensed Entity)
As at
31 Mar 25 31 Mar 24 31 Mar 25 31 Mar 24
Common equity tier 1 capital 11.8% 13.5% 12.0% 13.3%
Tier 1 capital 13.4% 15.4% 13.9% 15.6%
Total capital 20.4% 21.9% 22.1% 23.2%
The Ultimate Parent Bank and the Overseas Banking Group are required to hold minimum capital as determined by APRA’s capital framework, which is at
least equal to that specified under the internationally agreed Basel III framework.
APRA has authorised the Ultimate Parent Bank and the Overseas Banking Group to use:
• the Internal Ratings Based (IRB) methodology for calculation of credit risk weighted assets. Where the Overseas Banking Group is not accredited to
use the IRB methodology the Overseas Banking Group applies the standardised approach.
• the Standardised Measurement Approach (SMA) for the operational risk weighted asset equivalent.
The Overseas Banking Group exceeded the minimum capital requirements set by APRA as at 31 March 2025 and for the comparative prior periods.
The Overseas Banking Group is required to publicly disclose Pillar 3 financial information as at 31 March 2025. The Overseas Banking Group’s Pillar 3
disclosure document for the quarter ended 31 March 2025, in accordance with APS 330: Public Disclosure of Prudential Information, discloses capital
adequacy ratios and other prudential information. This document can be accessed at the website anz.com.
Regulatory liquidity ratios
RBNZ requires banks to hold minimum amounts of liquid assets to help ensure that they are effectively managing their liquidity risk. The mismatch ratio is a
measure of a bank’s liquid assets, adjusted for expected cash inflows and outflows during a 1-month or 1-week period of stress. It is expressed as a ratio
over the bank’s total funding. The Banking Group must maintain its 1-month and 1-week mismatch ratios above zero on a daily basis.
RBNZ requires banks to get a minimum amount of funding from stable sources called core funding. The minimum amount of core funding is 75% of a
bank’s total loans. The Banking Group must maintain its core funding ratio above the regulatory minimum on a daily basis.
For the three months ended
31 Mar 25 31 Dec 24
Quarterly average 1-week mismatch ratio 8.1% 7.9%
Quarterly average 1-month mismatch ratio 7.0% 7.2%
Quarterly average core funding ratio 90.3% 89.9%

ANZ Bank New Zealand Limited unaudited
44 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity r atios (continued)
Standardised equivalents of IRB risk weighted assets
Background
This section contains the additional information required by the Order about RWAs and the resulting capital ratios recalculated as if the Bank were subject
to the standardised approach for capital adequacy.
Capital adequacy information calculated in accordance with the Bank’s conditions of registration is presented in the section above.
Historical comparison with standardised capital ratios and risk weights
31 Mar 25 30 Sep 24 30 Sep 23
As at % % %
Total capital ratio 17.4 17.2 15.5
Total capital ratio recalculated as if the Bank were not an IRB bank 15.6 15.4 14.4
Actual average risk weight for all modelled credit risk exposures 41.3 42.2 49.5
Standardised equivalent average risk weight for all modelled credit risk exposures 57.6 57.5 58.8
In the table above:
•Total capital ratio is the Banking Group’s actual capital ratio, calculated in accordance with the Bank’s conditions of registration.
•Total capital ratio recalculated as if the Bank were not an IRB bank is calculated in accordance with the standardised approach.
•Actual average risk weight for all modelled credit risk exposures is calculated as the ratio of total risk weighted assets for all exposures that are subject
to the IRB modelling approach or the supervisory slotting approach, including any applicable scalar and credit risk supervisory adjustments, to total
exposure at default for all such exposures.
•Standardised equivalent average risk weight for all modelled credit risk exposures is calculated as the ratio of total risk weighted assets for all
exposures subject to the IRB modelling approach or the supervisory slotting approach recalculated as if the Bank was a standardised bank, to total
on-balance sheet exposures and credit equivalent amounts for all such exposures, defined in accordance with the standardised risk- weightin
g
a
pproach in BPR131 Standardised Credit Risk RWAs.
Standardised equivalent capital ratios
As at 31 March 2025 CET 1 capital Tier 1 capital Total capital
Standardised equivalent capital amount NZ$m 14,111 16,741 19,092
Standardised equivalent total RWAs NZ$m 122,217 122,217 122,217
Ratio 11.5% 13.7% 15.6%
The standardised equivalent of the Banking Group capital and the Banking Group reported capital amounts are different due to 'Expected losses to the
extent greater than total eligible allowances for impairment' which only applies under the IRB approach.
The standardised equivalent of the Banking Group total RWAs and the Banking Group reported total RWAs amounts are different due to (i) credit RWAs as
the Banking Group is accredited to report under BPR133 IRB Credit Risk RWAs whereas credit RWAs are recalculated under BPR131 Standardised Credit
Risk RWAs for dual reporting purposes and (ii) CVA for credit risk exposures subject to the standardised approach.
Credit risk: standardised equivalents of IRB risk weighted assets
IRB approach Standardised equivalent
Exposure
Risk
weighted
assets Exposure
Risk
weighted
assets
As at 31 March 2025 NZ$m NZ$m NZ$m NZ$m
Corporate 45,248 27,591 40,243 38,532
Residential mortgages 122,304 32,621 117,096 45,713
Other retail 6,938 5,998 4,626 4,641
Specialised lending subject to the slotting approach 10,356 10,158 9,914 10,082
Total 184,846 76,368 171,879 98,968

ANZ Bank New Zealand Limited unaudited
R
egistered bank disclosures 45
B5. Concentration of credit exposures to i ndividual c ounterparties
The Banking Group measures its concentration of credit exposures to individual counterparties at the reporting date on the basis of actual exposures.
Peak end-of-day aggregate credit exposures are measured on the basis of internal limits that were not materially exceeded between the reporting date
for the previous disclosure statement and the reporting date for the Disclosure Statement.
The exposure information in the table below excludes exposures to:
•connected persons (i.e. other members of the Overseas Banking Group and Directors of the Bank);
•the central government or central bank of any country with a long-term credit rating of A- or A3 or above, or its equivalent; and
•any supranational or quasi-sovereign agency with a long-term credit rating of A- or A3 or above, or its equivalent.
As at
Peak end of
day over 6
months to
31 Mar 25 31 Mar 25
Exposures to banks
Total number of exposures to banks that are greater than 10% of CET1 capital - -
with a long-term credit rating of A- or A3 or above, or its equivalent - -
with a long-term credit rating of at least BBB- or Baa3, or its equivalent, and at most BBB+ or Baa1, or its equivalent - -
Exposures to non-banks
Total number of exposures to non-banks that are greater than 10% of CET1 capital 3 3
with a long-term credit rating of A- or A3 or above, or its equivalent 2 2
- 10% to less than 15% of CET1 capital2 2
with a long-term credit rating of at least BBB- or Baa3, or its equivalent, and at most BBB+ or Baa1, or its equivalent- -
with no long-term credit rating1 1
- 10% to less than 15% of CET1 capital1 1
B6. Insurance business
As at 31 March 2025, the Banking Group does not conduct any insurance business.

ANZ Bank New Zealand Limited
46
Directors' Statement
As at the date on which this Disclosure Statement is signed, after due enquiry, each Director believes that:
•The Disclosure Statement contains all the information that is required by the Registered Bank Disclosure Statements (New Zealand Incorporate
d
R
egistered Banks) Order 2014; and
•The Disclosure Statement is not false or misleading.
Over the six months ended 31 March 2025, after due enquiry, each Director believes that:
•ANZ Bank New Zealand Limited has complied in all material respects with each condition of registration that applied during that period
1
;
•Credit exposures to connected persons were not contrary to the interests of the Banking Group; and
•ANZ Bank New Zealand Limited had systems in place to monitor and control adequately the Banking Group’s material risks, including credit risk,
concentration of credit risk, interest rate risk, currency risk, equity risk, liquidity risk, operational risk and other business risks, and that those system
s
w
ere being properly applied.
1.
In accordance with the Order, ANZ Bank New Zealand Limited has complied in all material respects with each of its conditions of registration that applied during the period if the RBNZ has not published
any information about a breach on its website, and has not notified ANZ Bank New Zealand Limited of any material breach.
T
his Disclosure Statement is dated, and has been signed by all Directors of the Bank on, 7 May 2025.
G
erard Florian
N
agaja Sanatkumar
S
cott St John
C
arolyn Steele
M
ark Tume
A
ntonia Watson
D
ame Joan Withers, DNZ

ANZ Bank New Zealand Limited
Limited assurance report
47
Independent Auditor’s Review Report
To the shareholder of ANZ Bank New Zealand Limited
Report on the Registered Bank Disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement
Conclusion
We have completed a review of the accompanying registered bank disclosures of ANZ Bank New Zealand Limited (the Bank) and its subsidiaries
(together, the Banking Group) in sections B2, B3, B5 and B6 on pages 26 to 35 and 45 of the Disclosure Statement as at and for the six months
ended 31 March 2025, which comprise the information that is required to be disclosed in accordance with Schedules 5, 7, 13, 16 and 18 of
Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014 (as amended) (the Order).
Based on our review, nothing has come to our attention that causes us to believe that the accompanying registered bank disclosures in sections B2,
B3, B5 and B6 of the Disclosure Statement:
•does not present fairly, in all material respects, the matters to which they relate; or
•is not disclosed, in all material respects, in accordance with those Schedules.
Basis for conclusion
We conducted our review of the registered bank disclosures in sections B2, B3, B5 and B6 in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the
Auditor’s Responsibilities section of our report.
We are independent of the Banking Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual
disclosure statement and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
Our firm has provided services to the Banking Group in relation to reviews of regulatory returns, internal controls reports, prospectus assurance or
reviews, agreed-upon procedures engagements and other assurance engagements. Subject to certain restrictions, partners and employees of our
firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of the business of the Banking Group. These
matters have not impaired our independence as auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking
Group.
Use of this review report
This review report is made solely to the shareholder of the Bank. Our review work has been undertaken so that we might state to the shareholder of
the Bank those matters we are required to state to them in this review report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the shareholder of the Bank for our review work, this review report, or any of the conclusions
we have formed.
Responsibilities of Directors
The Directors, on behalf of the Banking Group are responsible for:
•the preparation and fair presentation of the Banking Group registered bank disclosures in sections B1, B2, B3, B5 and B6 of the Disclosure
Statement in accordance with Schedules 3, 5, 7, 13, 16 and 18 of the Order; and
•implementing necessary internal control to enable the preparation of the registered bank disclosures in sections B1, B2, B3, B5 and B6 of the
Disclosure Statement that are fairly presented and free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities
Our responsibility is to express a conclusion on the registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement, based on
our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the registered bank
disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement:
•does not present fairly, in all material respects, the matters to which they relate, in accordance with Schedules 5, 7, 13, 16 and 18 of the Order; or
•if applicable, have not been prepared, in all material respects, in accordance with any conditions of registration relating to disclosure requirements,
imposed under section 74(4)(c) of the Banking (Prudential Supervision) Act 1989 (the Bank does not have any such conditions).
A review of the registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement prepared in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on the registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement.
KPM
G
Auckland
7 May 2025

ANZ Bank New Zealand Limited
48 Limited assurance report
Independent Limited Assurance Report
To the shareholder of ANZ Bank New Zealand Limited
Report on the information relating to Capital Adequacy and Regulatory Liquidity Requirements
Conclusion
Our limited assurance conclusion has been formed on the basis of the matters outlined in this report.
Based on our limited assurance engagement, which is not a reasonable assurance engagement or audit, nothing has come to our attention that
would lead us to believe that the information relating to the Capital Adequacy and Regulatory Liquidity Requirements of ANZ Bank New Zealand
Limited (the Bank) and its subsidiaries (together, the Banking Group), disclosed in section B4 on pages 36 to 44 of the Disclosure Statement, is not, in
all material respects, disclosed in accordance with Schedule 11 of the Registered Bank Disclosure Statements (New Zealand Incorporated Registered
Banks) Order 2014 (as amended) (the Order).
Information subject to assurance
We have reviewed the information relating to the Capital Adequacy and Regulatory Liquidity Requirements, as disclosed in section B4 of the
Disclosure Statement as at and for the six months ended 31 March 2025.
Criteria
The information relating to the Capital Adequacy and Regulatory Liquidity Requirements comprises the information that is required to be disclosed in
accordance with Schedule 11 of the Order.
Standards we followed
We conducted our limited assurance engagement in accordance with Standard on Assurance Engagements 3100 (Revised) Compliance
Engagements (SAE 3100 (Revised)) issued by the New Zealand Auditing and Accounting Standards Board. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our limited conclusion. In accordance with the SAE 3100 (Revised), we have:
•used our professional judgement to plan and perform the engagement to obtain limited assurance that the information relating to Capita
l
Adequacy and Regulatory Liquidity Requirements, is free from material misstatement and non-compliance, whether due to fraud or error;
•considered relevant internal controls when designing our assurance procedures, however we do not express a conclusion on the effectiveness of
these controls;
•ensured that the engagement team possesses the appropriate knowledge, skills and professional competencies
;
•obtained an understanding of the process, models, data and internal controls implemented over the preparation of the information relating to Capital
A
dequacy and Regulatory Liquidity Requirements;
•performed inquiry and analytical review procedures over the Capital Adequacy and Regulatory Liquidity Requirements;
•obtained an understanding of the Bank’s compliance framework and internal control environment over the information relating to Capital Adequacy
and Regulatory Liquidity Requirements, including the Bank’s assessment of any matters of non-compliance with the Reserve Bank of New Zealand’s
Prudential Requirements; and
•agreed the information relating to Capital Adequacy and Regulatory Liquidity Requirements, extracted from the Bank’s models, accounting records or
other supporting documentation to the Disclosure Statement.
How to interpret limited assurance and material misstatement and non-compliance
In a limited assurance engagement, the assurance practitioner performs procedures, primarily consisting of discussion and enquiries of management
and others within the entity, as appropriate, and observation and walk-throughs, and evaluates the evidence obtained. The procedures selected
depend on our judgment, including identifying areas where the risk of material misstatement and non-compliance with Schedule 11 of the Order.
The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for a reasonable assurance
engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would
have been obtained had a reasonable assurance engagement been performed.
Misstatements, including omissions, within the information relating to Capital Adequacy and Regulatory Liquidity Requirements and non-compliance
are considered material if, individually or in aggregate, they it could reasonably be expected to influence the relevant decisions of the intended users
taken on the basis of the information relating to Capital Adequacy and Regulatory Liquidity Requirements.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure it is possible that fraud, error or non-
compliance with compliance requirements may occur and not be detected.
A limited assurance engagement as at and for the six months ended 31 M
arch 2025 does not provide assurance on whether compliance with
Schedule 11 of the Order will continue in the future.
Use of this assurance report
Our report is made solely for the Bank’s shareholder. Our assurance work has been undertaken so that we might state to the Bank’s shareholder
those matters we are required to state to them in the assurance report and for no other purpose.
Our report should not be regarded as suitable to be used or relied on by anyone other than the Bank and the Bank’s shareholder for any purpose or in any
context. Any other person who obtains access to our report or a copy thereof and chooses to rely on our report (or any part thereof) will do so at its own
risk.

ANZ Bank New Zealand Limited
Limited assurance report
49
To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any of their respective members or
employees accept or assume any responsibility and deny all liability to anyone other than the Bank and the Bank’s shareholder for our work, for this
independent assurance report, and/or for the opinions or conclusions we have reached.
Our conclusion is not modified in respect of this matter.
Responsibilities of Directors
The Directors of ANZ Bank New Zealand Limited are responsible for the disclosure of the information relating to Capital Adequacy and Regulatory
Liquidity Requirements in accordance with Schedule 11 of the Order, which Directors have determined meets the disclosure requirements under the
Order. This responsibility includes such internal control as the Directors determine is necessary to enable compliance and to monitor ongoing
compliance and to enable the disclosure of the information relating to Capital Adequacy and Regulatory Liquidity Requirements that is free from
material misstatement and non-compliance whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion to ANZ Bank New Zealand Limited on whether anything has come to our attention that would lead us to
believe that, in all material respects the information relating to Capital Adequacy and Regulatory Liquidity Requirements has not been disclosed in
accordance with Schedule 11 of the Order as at and for the six months ended 31 March 2025.
Our independence and quality management
We have complied with the independence and other ethical requirements of Professional and Ethical Standard 1 International Code of Ethics for
Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance
Standards Board, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and
professional behaviour.
The firm applies Professional and Ethical Standard 3 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other
Assurance or Related Services Engagements (PES 3), which requires the firm to design, implement and operate a system of quality control including
policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Our firm has provided services to the Banking Group in relation to reviews of regulatory returns, internal controls reports, prospectus assurance or
reviews, agreed-upon procedures engagements and other assurance engagements. Subject to certain restrictions, partners and employees of our
firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of the business of the Banking Group. These
matters have not impaired our independence as auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking
Group.
KPM
G
Auckland
7 May 2025

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