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
6 May 2026
Market Announcements Office
ASX Limited
Exchange Place
Level 27
39 Martin Place
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 2026.
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 2026
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 21
Registered Bank Disclosures 22
Directors' statement 44
Limited assurance reports 45
G
lossary
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, ANZBGL 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 and address for service is Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland, New Zealand.
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
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
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
Other disclosures
10. Commitments and contingent liabilities 20
11. Subsequent events 20
Limited assurance report 21
ANZ Bank New Zealand Limited unaudited
4 Condensed consolidated interim financial statements
Income Statement
2026 2025
For the six months ended 31 March Note NZ$m NZ$m
Interest income 4,533 5,534
Interest expense (2,153) (3,247)
Net interest income 2,380 2,287
Other operating income 2 402 496
Operating income
2,782 2,783
Operating expenses (892)(893)
Profit before credit impairment and income tax 1,890 1,890
Credit impairment release/(charge) 5 (22)5
Profit before income tax
1,868 1,895
Income tax expense (521)(530)
Profit for the period 1,347 1,365
Statement of Comprehensive Income
2026 2025
For the six months ended 31 March NZ$m NZ$m
Profit for the period 1,347 1,365
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Actuarial gain/(loss) on defined benefit schemes (7)11
Items that may be reclassified subsequently to profit or loss
Reserve movements:
Unrealised gains/(losses) recognised directly in equity (5)8
Realised gains transferred to the income statement
(3)(2)
Income tax attributable to the above items 5 (5)
Total comprehensive income for the period
1,337 1,377
The notes appearing on pages 8 to 20 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 26 30 Sep 25
As at Note NZ$m NZ$m
Assets
Cash and cash equivalents 16,647 9,386
Settlement balances receivable 484 1,620
Collateral paid 1,077 1,114
Trading securities 6,749 6,348
Derivative financial instruments 12,152 11,449
Investment securities 15,885 16,458
Net loans and advances
4 161,239 158,683
Deferred tax assets
416 392
Goodwill and other intangible assets 3,104 3,100
Premises and equipment 337 324
Other assets 1,142 1,115
Total assets 219,232 209,989
Liabilities
Settlement balances payable 6,575 4,614
Collateral received 1,688 1,725
Deposits and other borrowings 6 157,268 153,282
Derivative financial instruments 11,119 10,408
Current tax liabilities 174 357
Payables and other liabilities 1,478 1,559
Employee entitlements 113 122
Other provisions 217 225
Debt issuances 7 20,472 17,799
Total liabilities 199,104 190,091
Net assets 20,128 19,898
Shareholders' equity
Share capital 17,680 17,680
Reserves 124 129
Retained earnings 2,324 2,089
Total shareholders' equity
20,128 19,898
The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.
ANZ Bank New Zealand Limited unaudited
6 Condensed consolidated interim financial statements
Cash Flow Statement
2026 2025
For the six months ended 31 March
NZ$m NZ$m
Profit for the period 1,347 1,365
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Depreciation and amortisation 49 51
Net derivatives/foreign exchange adjustment
478 (434)
Other non-cash movements (5) (62)
Net (increase)/decrease in operating assets:
Collateral paid 37 299
Trading securities
(401) (198)
Net loans and advances (2,556) (1,978)
Other assets 1,085 (90)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings (excluding items included in financing activities) 5,021 6,507
Settlement balances payable
1,961 (1,959)
Collateral received (37) 426
Other liabilities
(297) (642)
Total adjustments 5,335 1,920
Net cash provided by operating activities
1
6,682 3,285
Cash flows from investing activities
Investment securities:
Purchases (3,335) (2,594)
Proceeds from sale or maturity 3,495 1,090
Other assets
(26) (20)
Net cash provided by/(used in) investing activities 134 (1,524)
Cash flows from financing activities
Deposits and other borrowings
2
(1,035) (534)
Debt issuances:
3
Issue proceeds 2,611 1,689
Redemptions
- (2,636)
Repayment of lease liabilities (24) (25)
Dividends paid (1,107) (744)
Net cash provided by/(used in) financing activities 445 (2,250)
Net change in cash and cash equivalents 7,261 (489)
Cash and cash equivalents at beginning of period 9,386 11,634
Cash and cash equivalents at end of period
16,647 11,145
1.
Net cash provided by operating activities includes income taxes paid of NZ$723 million (March 2025: NZ$658 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$35 million (March 2025: NZ$34 million) and
NZ$1,000 million under the Funding for Lending Programme (March 2025: NZ$500 million).
3.
Movement in debt issuances (Note 7 Debt issuances) also includes a NZ$83 million increase ( March 2025: NZ$1,159 million increase) from the effect of foreign exchange rates, a NZ$31 million decrease
(March 2025: NZ$35 million decrease) from changes in fair value hedging instruments and a NZ$10 million increase (March 2025: NZ$1 million decrease) from other changes.
The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.
ANZ Bank New Zealand Limited unaudited
Co
ndensed consolidated interim financial statements
7
Statement of Changes in Equity
Share
capital Reserves
Retained
earnings
Total
shareholders'
equity
NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 17,680 24 1,106 18,810
Profit or loss for the period - - 1,365 1,365
Other comprehensive income for the period
-48 12
Total comprehensive income for the period
-41,373 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
As at 1 October 2025 17,680 129 2,089 19,898
Profit or loss for the period - - 1,347 1,347
Other comprehensive income for the period
-(5)(5)(10)
Total comprehensive income for the period
-(5)1,342 1,337
Transactions with equity holders in their capacity as equity owners:
Ordinary shares dividend paid - - (1,060) (1,060)
Perpetual preference shares dividends paid - - (47) (47)
As at 31 March 2026 17,680 124 2,324 20,128
The notes appearing on pages 8 to 20 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 2025.
On 5 May 2026, 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 on a historical cost basis - except 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 Banking Group made various accounting estimates in these interim financial statements based on forecasts of economic conditions which
reflect expectations and assumptions used at 31 March 2026 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.
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 inte
rim financial statements 9
2.Other operating income
2026 2025
For the six months ended 31 March NZ$m NZ$m
Fee and commission income
Lending fees 12 10
Non-lending fees
388 361
Commissions
13 14
Funds management income
126 122
Fee and commission income
539 507
Fee and commission expense (278)(264)
Net fee and commission income 261 243
Other income
Net trading gains 96 99
Gain on sale of investment securities designated at FVOCI
1 2
Fair value gain on hedging activities and financial liabilities designated at fair value
22 148
Net foreign exchange earnings and other financial instruments income
119 249
Insurance proceeds 15 -
Other
7 4
Other income
141 253
Other operating income 402 496
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 and medium enterprises, and the agricultural business
segment.
Institutional
The Institutional division services government and government-related entities, 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, commodit
y
f
inancing 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 financ
e,
d
ebt 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 market
s in
a
ddition 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
2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
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 1,328 1,271 464 478 409 373 179 165 2,380 2,287
Net fee and commission income
- Lending fees5 4 - - 6 6 1 -1210
- No
n-lending fees253 227 111 114 24 24 -(4)388361
- C
ommissions13 13 - - - - -11314
- F
unds management income126 122 - - - - --126122
- F
ee and commission expense(191)(173)(87)(91)- - --(278)(264)
Net fee and commission income 206 193 24 23 30 30 1 (3)261243
Other income 2 - - (1) 104 107 35 147 141253
Other operating income 208 193 24 22 134 137 36 144 402 496
Operating income 1,536 1,464 488 500 543 510 215 309 2,782 2,783
Operating expenses (607)(607)(150)(146)(125)(127)(10)(13)(892)(893)
Profit before credit impairment
and income tax
929 857 338 354 418 383 205 296 1,890 1,890
Credit impairment release/(charge) (23)(20)22 25 (21)-- -(22)5
Profit before income tax 906 837 360 379 397 383 205 296 1,868 1,895
Income tax expense (254)(235)(101)(106)(112)(107)(54)(82)(521)(530)
Profit after income tax 652 602 259 273 285 276 151 214 1,347 1,365
ANZ Bank New Zealand Limited unaudited
Notes to the condensed consolidated inte
rim financial statements 11
3. Segment reporting (continued)
Operating segments (continued)
Personal Business & Agri Institutional Other Total
31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25
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
118,164 115,317 24,793 24,324 18,282 19,042 - - 161,239 158,683
Customer deposits
98,471 96,544 20,120 19,068 30,456 27,930 - - 149,047 143,542
Other segment
The Other segment profit after income tax comprises:
2026 2025
For the six months ended 31 March NZ$m NZ$m
Personal and Business & Agri central functions 3 (2)
Group Centre 132 109
Economic hedges 16 107
Total 151 214
4.Net loans and advances
31 Mar 26 30 Sep 25
NZ$m NZ$m
Overdrafts 1,145 1,149
Credit cards 1,250 1,230
Term loans - housing 118,608 115,835
Term loans - non-housing
1
40,177 40,524
Gross subtotal 161,180 158,738
Unearned income
2
(24)(26)
Capitalised brokerage and other origination costs
2
749 639
Gross loans and advances 161,905 159,351
Allowance for expected credit losses (refer to Note 5) (666)(668)
Net loans and advances 161,239 158,683
1.
Includes reverse repurchase agreements (with 90 days or more to maturity) designated at FVTPL of NZ$812 million (September 2025: NZ$961 million).
2.
Amortised over the expected life of the loan.
The Bank has sold residential mortgages to the NZ Branch with a net carrying value of NZ$247 million as at 31 March 2026 (September 2025: NZ$281
million). These assets qualify for derecognition as the Bank does not retain a continuing involvement in the transferred assets.
ANZ Bank New Zealand Limited unaudited
12 Notes to the condensed consolidated interim financial statements
5. Allowance for expected credit losses
This note should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements.
31 Mar 26 30 Sep 25
Collectively
assessed
Individually
assessed Total
Collectively
assessed
Individually
assessed Total
NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Net loans and advances at amortised cost 597 69 666 604 64 668
Off-balance sheet commitments 136 3 139 130 4 134
Total 733 72 805 734 68 802
The following tables present the movement in the allowance for expected credit losses (ECL) for the period.
Net loans and advances - at amortised cost
Allowance for ECL is included in Net loans and advances.
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2025 188 320 96 64 668
Transfer between stages 54 (51) (2) (1) -
New and increased provisions (net of releases) (24) 21 (5) 54 46
Write-backs - - - (25) (25)
Bad debts written-off (excluding recoveries) - - - (22) (22)
Discount unwind - - - (1) (1)
As at 31 March 2026 218 290 89 69 666
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$m
As at 1 October 2025 70 57 3 4 134
Transfer between stages 9 (9) 1 (1) -
New and increased provisions (net of releases) 6 (1) - - 5
As at 31 March 2026 85 47 4 3 139
Credit impairment charge – Income Statement
Credit impairment charge/(release) analysis
2026 2025
For the six months ended 31 March NZ$m NZ$m
New and increased provisions (net of releases)
1
- Collectively assessed (1) (19)
- Individually assessed 52 38
Write-backs (25) (20)
Recoveries of amounts previously written-off (4) (4)
Total credit impairment charge/(release) 22 (5)
1.
Includes the impact of transfers between collectively assessed and individually assessed.
ANZ Bank New Zealand Limited unaudited
Notes to the condensed consolidated inte
rim financial statements 13
5.Allowance for expected credit losses
(c ontinued)
C
ollectively assessed allowance for expected credit losses
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
The economic drivers of the base case economic forecasts, reflective of the Banking Group’s view of future macroeconomic conditions used
at 31 March 2026 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. There is a high level of estimation uncertainty when forming these forecasts.
The b
ase case economic forecasts are for an economic recovery and a return to growth, supported by lower interest rates, favourable
terms of trade and a declining unemployment rate. However, as these base case economic forecasts do not capture the current and
potential future uncertainty and volatility arising from the recent conflict in the Middle East, scenario weightings have been applied to reflect
the Banking Group’s assessment of downside risks, as discussed below.
Actual calendar year Forecast calendar year
2025 2026 2027
New Zealand
GDP (annual average % change) 0.4 2.6 2.8
Unemployment rate (annual average as a %) 5.3 5.1 4.7
Residential property prices (annual % change) (0.1) 2.0 4.5
Consumer price index (annual average % change) 2.8 2.5 2.0
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.
The key consideration for probability weightings in the current period is the heightened downside risks arising from the recent conflict in the
Middle East, which increases volatility in global financial markets. Accordingly, greater weight has been applied to the severe downside
scenario, reflecting the Banking Group’s assessment of downside risks.
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 Bank 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 26 30 Sep 25
Base 50.00% 50.00%
Upside 3.50% 3.75%
Downside
31.5
0% 33.75%
Severe downside
15.00% 12.50%
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, ECL 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 the Banking Group’s allowance for collectively assessed ECL to key factors used in determining it
as at 31 March 2026:
Total
NZ$m
Impact on total
1
NZ$m
Collectively assessed ECL as at 31 March 2026 (refer to page 12) 733
-
If 1% of Stage 1 facilities were included in Stage 2 739 +6
If 1% of Stage 2 facilities were included in Stage 1 732 -1
100% upside scenario 282 -451
100% base scenario 353 -380
100% downside scenario 792 +59
100% severe downside scenario 1,699 +966
1.
There is a n inverse and proportionate impact on profit or loss.
Individually assessed allowance for expected credit losses
In estimating individually assessed ECL, the Banking Group makes judgements and assumptions in relation to expected repayments, the
realisable value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process.
Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties described
above and in Note 1 About our interim financial statements.
ANZ Bank New Zealand Limited unaudited
Notes to the condensed consolidated inte
rim financial statements 15
6.Deposits and other borrowings
31 Mar 26 30 Sep 25
NZ$m NZ$m
Term deposits 62,230 60,808
On demand and short term deposits 67,894 65,405
Deposits not bearing interest 18,923 17,329
Total customer deposits 149,047 143,542
Certificates of deposit 2,165 882
Commercial paper 2,548 4,165
Securities sold under repurchase agreements 3,361 4,520
Deposits from Immediate Parent Company and NZ Branch 147 173
Deposits and other borrowings 157,268 153,282
7.Debt issuances
The Banking Group uses a variety of funding programmes to issue unsubordinated debt (including senior debt and covered bonds) and subordinated
debt. The difference between unsubordinated debt and subordinated debt is that, in a winding up of the issuer, holders of unsubordinated debt rank in
priority to holders of subordinated debt. S ubordinated debt will be repaid only after the repayment of claims of depositors and other creditors (including
holders of unsubordinated debt) of that issuer.
31 Mar 26 30 Sep 25
NZ$m NZ$m
Senior debt 14,700 12,020
Covered bonds 2,485 2,510
Total unsubordinated debt 17,185 14,530
Subordinated debt
- Additional tier 1 (AT1) capital938 938
- Tier 2 capital2,349 2,331
Total subordinated debt 3,287 3,269
Total debt issued 20,472 17,799
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
Covered Bond Trust). The 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 24 for the carrying amount of assets transferred to 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. Credit 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 26 30 Sep 25 31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25
NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
On-balance sheet positions
Net loans and advances 161,239 158,683 - - 161,239 158,683
Other financial assets:
Cash and cash equivalents 16,647 9,386 201 130 16,446 9,256
Settlement balances receivable
484 1,620 - - 484 1,620
Collateral paid
1,077 1,114 - - 1,077 1,114
Trading securities
6,749 6,348 - - 6,749 6,348
Derivative financial instruments
12,152 11,449 - - 12,152 11,449
Investment securities
15,885 16,458 - - 15,885 16,458
Other financial assets
2
872 860 - - 872 860
Total other financial assets
53,866 47,235 201 130 53,665 47,105
Subtotal 215,105 205,918 201 130 214,904 205,788
Off-balance sheet positions
Undrawn and contingent facilities
3
31,959 30,116 - - 31,959 30,116
Total
247,064 236,034 201 130 246,863 235,904
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
Ratings
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
Non-performing CCR 8- to 10 When doubt arises as to the collectability of a credit facility, the
financial instrument (or ‘the facility’) is classified as non-performing.
n/a n/a
ANZ Bank New Zealand Limited unaudited
Notes to the condensed consolidated inte
rim financial statements 17
8. Credit risk (continued)
Net loans and advances Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
As at 31 March 2026
NZ$m NZ$m NZ$m NZ$m NZ$m
Strong 82,825 1,219 - - 84,044
Satisfactory 62,027 5,023 - - 67,050
Weak 5,202 2,574 - - 7,776
Non-performing - - 1,115 383 1,498
Gross loans and advances at amortised cost 150,054 8,816 1,115 383 160,368
Allowance for ECL (218)(290)(89)(69)(666)
Net loans and advances at amortised cost 149,836 8,526 1,026 314 159,702
Coverage ratio 0.15% 3.29% 7.98% 18.02% 0.42%
Loans and advances at FVTPL 812
Unearned income (24)
Capitalised brokerage and other origination costs 749
Net carrying amount 161,239
As at 30 September 2025
Strong 79,659 1,315 - - 80,974
Satisfactory 61,298 5,568 - - 66,866
Weak 5,283 3,045 - - 8,328
Non-performing - - 1,240 369 1,609
Gross loans and advances at amortised cost 146,240 9,928 1,240 369 157,777
Allowance for ECL (188)(320)(96)(64)(668)
Net loans and advances at amortised cost 146,052 9,608 1,144 305 157,109
Coverage ratio 0.13% 3.22% 7.74% 17.34% 0.42%
Loans and advances at FVTPL 961
Unearned income (26)
Capitalised brokerage and other origination costs 639
Net carrying amount 158,683
Off-balance sheet commitments - undrawn and contingent facilities Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
As at 31 March 2026
NZ$m NZ$m NZ$m NZ$m NZ$m
Strong 25,740 185 - - 25,925
Satisfactory 4,736 847 - - 5,583
Weak 211 339 - - 550
Non-performing - - 27 13 40
Gross undrawn and contingent facilities 30,687 1,371 27 13 32,098
Allowance for ECL included in Other provisions (85)(47)(4)(3)(139)
Net undrawn and contingent facilities 30,602 1,324 23 10 31,959
Coverage ratio 0.28% 3.43% 14.81% 23.08% 0.43%
As at 30 September 2025
Strong 24,065 254 - - 24,319
Satisfactory 4,169 1,097 - - 5,266
Weak 223 403 - - 626
Non-performing - - 16 23 39
Gross undrawn and contingent facilities 28,457 1,754 16 23 30,250
Allowance for ECL included in Other provisions (70)(57)(3)(4)(134)
Net undrawn and contingent facilities 28,387 1,697 13 19 30,116
Coverage ratio 0.25% 3.25% 18.75% 17.39% 0.44%
ANZ Bank New Zealand Limited unaudited
18 Notes to the condensed consolidated interim financial statements
9. Fair value of financial assets and financial liabilities
Classification of financial assets and financial liabilities
The Banking Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments
on the Balance Sheet at fair value.
Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
The following tables set out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts
as recognised on the Balance Sheet.
31 Mar 26 30 Sep 25
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value Total
Note NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial assets
Cash and cash equivalents 13,883 2,764 16,647 7,760 1,626 9,386
Settlement balances receivable
484 - 484 1,620 - 1,620
Collateral paid
1,077 - 1,077 1,114 - 1,114
Trading securities
- 6,749 6,749 - 6,348 6,348
Derivative financial instruments
- 12,152 12,152 - 11,449 11,449
Investment securities
- 15,885 15,885 - 16,458 16,458
Net loans and advances 4
160,427 812 161,239 157,722 961 158,683
Other financial assets
872 - 872 860 - 860
Total
176,743 38,362 215,105 169,076 36,842 205,918
Financial liabilities
Settlement balances payable 6,575 - 6,575 4,614 - 4,614
Collateral received
1,688 - 1,688 1,725 - 1,725
Deposits and other borrowings 6
151,491 5,777 157,268 145,762 7,520 153,282
Derivative financial instruments
- 11,119 11,119 - 10,408 10,408
Debt issuances 7
20,472 - 20,472 17,799 - 17,799
Other financial liabilities
864 303 1,167 1,033 195 1,228
Total
181,090 17,199 198,289 170,933 18,123 189,056
Financial assets and financial liabilities measured at fair 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 Net 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 Fair value approach
Financial instruments classified as:
- Derivative financial assets and financial liabilities
(including trading and non-trading)
- Repurchase agreements less than 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 inte
rim financial statements 19
9.Fair 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 26 30 Sep 25 31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25
NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial assets
Cash and cash equivalents - - 2,764 1,626 - - 2,764 1,626
Trading securities
1
4,825 5,169 1,924 1,179 - - 6,749 6,348
Derivative financial instruments
18 2 12,133 11,445 1 2 12,152 11,449
Investment securities
1
13,592 14,370 2,287 2,082 6 6 15,885 16,458
Net loans and advances
- - 812 961 - - 812 961
Total
18,435 19,541 19,920 17,293 7 8 38,362 36,842
Financial liabilities
Deposits and other borrowings - - 5,777 7,520 - - 5,777 7,520
Derivative financial instruments
4 43 11,115 10,365 - - 11,119 10,408
Other financial liabilities
302 195 1 - - - 303 195
Total
306 238 16,893 17,885 - - 17,199 18,123
1.
During the six months ended 31 March 2026, NZ$604 million of assets were transferred from Level 1 to Level 2 (September 2025: NZ$434 million) and no assets were transferred from Level 2 to Level
1 for the Banking Group (September 2025: NZ$127 million) due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1, Level 2
and Level 3 during the period. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.
Financial assets and financial liabilities not measured at fair value
The financial assets and financial liabilities listed below are measured at amortised cost on the Banking Group’s balance sheet. While this is the value at
which we expect the assets will be realised and the liabilities settled, the Banking Group provides an estimate of the fair value of the financial assets and
financial liabilities at balance date in the table below.
Fair values of financial asset and financial liabilities carried at amortised cost not included in the table below approximate their carrying values. These
financial assets and financial liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near
the end of the reporting period.
Carrying amount in the Balance Sheet Fair value
31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value Total Total Total
NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial assets
Net loans and advances 160,427 812 161,239 157,722 961 158,683 161,277 159,325
Total
160,427 812 161,239 157,722 961 158,683 161,277 159,325
Financial liabilities
Deposits and other borrowings 151,491 5,777 157,268 145,762 7,520 153,282 157,275 153,491
Debt issuances
20,472 -20,47217,799 -17,79920,631 18,059
Total
171,963 5,777 177,740 163,561 7,520 171,081 177,906 171,550
ANZ Bank New Zealand Limited unaudited
20 Notes to the condensed consolidated interim financial statements
10. Commitments and contingent liabilities
Credit related commitments and contingencies
31 Mar 26 30 Sep 25
NZ$m NZ$m
Contract amount of:
Undrawn facilities 28,864 26,964
Guarantees and letters of credit 1,434 1,427
Performance related contingencies 1,800 1,859
Total 32,098 30,250
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, customer and third party 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 Banking Group’s regulatory interactions can relate to a broad range of matters including, for example, 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. The 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. The class and the
allegations made in the proceedings would potentially cover approximately 17,000 loan customers.
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. Lawyers for the plaintiffs have notified potential class members about the class action and a summary judgment hearing was heard in the High
Court on 23-24 March 2026. A judgment was released on 4 May 2026 (refer to Note 11).
Warranties and indemnities
The Banking Group 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.
11. Subsequent events
On 17 April 2026, the Bank gave notice to NZ Branch as the holder of NZ$938 million of ANZ New Zealand Internal Capital Notes (ANZ NZ ICN) that qualify
as AT1 capital for the Bank, that it will redeem the ANZ NZ ICN on their optional redemption date in June 2026.
On 4 May 2026, in the loan information litigation referred to in Note 10, the High Court granted summary judgment against the Bank in favour of the
representative plaintiffs, finding that they were not liable for costs of borrowing relating to the breach period and directing the Bank to refund them
NZ$32,728.42. The Bank is considering how this judgment may apply to other members of the class. The Bank’s estimate of its maximum potential liability
for costs of borrowing arising from this decision is approximately NZ$125 million. The Bank is considering the judgment and next steps including appeal.
ANZ Bank New Zealand Limited
Limited assurance report
21
Independent Auditor’s Review Report
To the shareholder of ANZ Bank New Zealand Limited
Report on the condensed consolidated i nterim financial statements
Conclusion
We have completed a review of the accompanying condensed consolidated interim financial statements (interim financial statements) which
comprise:
•the consolidated balance sheet as at 31 March 20
26;
•t
he consolidated income statement, statements of comprehensive income, changes in equity and cash flows for the six month period the
n
e
nded; and
•notes, including material accounting policy information 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 20, 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 New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) issued
by the New Zealand Accounting Standards Board and International Accounting Standard 34 Interim Financial Reporting (IAS 34) issued by the
International Accounting Standards Board.
Basis for conclusion
We conducted our review of the interim financial statements in accordance with New Zealand Standard on Review Engagements 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.
O
ur firm has provided other services to the Banking Group in relation to review 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 the 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 Clause 25 of the Registered Bank
Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014, NZ IAS 34 and IAS 34; and
•implementing necessary internal control to enable the preparation of interim financial statements that are free from material misstatemen
t,
w
hether 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, taken as a whole:
•do not present fairly, in all material respects, the Banking Group’s financial position as at 31 March 2026 and its financial performance and cash
flows for the six months ended on that date; and
•do not, in all material respects, comply with NZ IAS 34 and IAS 34.
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 would become aware of all significant matters that
might be identified 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 Brent Manning.
For and on behalf of:
K
PMG
Wellington
5 May 2026
ANZ Bank New Zealand Limited
22
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 23
B2. Additional financial disclosures Schedule 5 24
B3. Asset quality Schedule 7 29
B4. Capital adequacy under the internal models based approach,
and regulatory liquidity ratios
Schedule 11 34
B5. Concentration of credit exposures to individual counterparties Schedule 13 43
B6. Insurance business Schedule 16 43
Directors’ statement 44
Limited assurance reports 45
ANZ Bank New Zealand Limited unaudited
R
egistered bank disclosures
23
B1. General disclosures
Guarantees
No material obligations of the Bank are guaranteed as at 5 May 2026.
Changes in the Bank’s Board of Directors
Craig Sims was appointed as an independent non-executive director on 1 April 2026. As at 5 May 2026, there have been no other changes to the
Directors of the Bank since 30 September 2025, the balance date of the last full year disclosure statement.
Auditors
KPMG, 18 Viaduct Harbour Avenue, Auckland, New Zealand.
Conditions of registration
Changes to the Bank’s conditions of registration since the last disclosure statement (for the year ended 30 September 2025)
The Bank’s conditions of registration have been amended to ease restrictions on high loan-to-valuation residential mortgage lending to owner occupiers
and investors (effective 1 December 2025).
Non-compliance with conditions of registration 11: compliance with RBNZ’s Outsourcing policy (BS11)
RBNZ has confirmed two material breaches of BS11 conditions of registration during the period. The first breach relates to specific robust back up
arrangements that were not able to effectively operate in the event of a separation and in compliance with BS11, and the second reflects overall
deficiencies in oversight, process and control gaps in the ongoing management of BS11. While these issues had no financial impact, they are relevant to
the Bank’s outsourcing and resolvability requirements as prescribed in its conditions of registration and have therefore been assessed as material. The
Bank has re
ctified the specific breach relating to the robust back-up arrangements and is undertaking broader work to strengthen processes and controls
in the ongoing management of BS11, as part of a remediation programme that will need to be completed to RBNZ’s satisfaction. The Bank will keep RBNZ
informed about the progress of these efforts to ensure that the necessary uplift is delivered and deficiencies are remediated.
Other matters relevant to the conditions of registration
There may be situations where a conditions of registration breach has been identified but 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 10 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 5 May 2026, 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
Ultimate Parent Bank enforceable undertaking with APRA and its relevance to the Bank
The Ultimate Parent Bank is the subject of an enforceable undertaking with APRA where it has committed to a comprehensive programme of activity to
uplift its management of non-financial risk and improve its control environment. The Bank will also deliver this uplift, where relevant. The Bank has identified
areas of non-financial risk where certain control weaknesses exist, and is progressing plans to enhance those control environments, including in a way to
ensure alignment with regulator expectations. Refer to the disclosure statement for the year ended 30 September 2025 for a non-exhaustive description
of non-financial risk and those non-financial risks which pose a higher inherent risk to the Banking Group.
Other material matters
RBNZ revisions to capital requirements
In 2025, RBNZ conducted a review of their key capital requirements for New Zealand banks that were being progressively implemented to July 2028 and
decided to revise the capital ratio requirements, lower and increase the granularity of standardised risk weights for certain types of lending, and remove
AT1 capital from the capital framework. For the New Zealand systemically important banks, including the Banking Group, the revised requirements will
include a minimum CET1 ratio requirement of 12% and total capital ratio requirement of 15%. These ratios are currently required to be 10% and 14.5%
respectively and had been expected to be 13.5% and 18% from July 2028. A new loss absorbing capacity requirement of 6% will also be implemented.
RBNZ indicated the CET1 capital ratio requirement will increase by 0.5% in October 2026, concurrent with the standardised risk weight changes being
implemented. The remaining capital ratio changes are not expected ahead of December 2028.
No new AT1 issuance is expected to be permitted from October 2026 and existing AT1 perpetual preference shares are expected to progressively cease
to qualify as tier 1 capital from December 2029.
RBNZ is expected to continue consulting on aspects of the revised requirements, including certain transitional arrangements during the period to
December 2028.
The impact of the review on the Banking Group will depend on final implementation details, business mix and balance sheet settings at the relevant time.
As such, the impact of the review on the Banking Group is currently uncertain.
Other information
The depositor compensation scheme protects up to NZ$100,000 per eligible depositor per deposit taker, in the event of a deposit taker failure. It is to be
funded by levies collected from deposit takers, including the Bank, and commenced on 1 July 2025. For more information about the scheme, please refer
to RBNZ’s website at www.rbnz.govt.nz/dcs.
ANZ Bank New Zealand Limited unaudited
24 Registered bank disclosures
B2. Additional financial disclosures
Additional information on the balance sheet
As at 31 March 2026 NZ$m
Total interest earning and discount bearing assets 201,121
Total interest and discount bearing liabilities 164,017
Total amounts due from related entities 10,319
Total amounts due to related entities 10,211
Assets pledged and financial assets transferred
Amounts presented as collateral paid and received in the Balance Sheet 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 the Banking Group derivatives are executed. The following disclosures exclude these balances.
In the normal course of business, the Banking Group enters into transactions where it pledges or transfers financial assets directly to third parties. These
transfers may result in the Banking Group fully, or partially, derecognising those financial assets - depending on the Banking Group’s exposure to the risks
and rewards or control over the transferred assets. If the Banking Group retains substantially all of the risks and rewards of a transferred asset, the transfer
does not qualify for derecognition and the asset remains on the Banking Group’s balance sheet in its entirety, with a corresponding liability recognised for
proceeds from the transfer.
Covered bonds
The Banking Group operates a covered bond programme to raise funding. Refer to Note 7 Debt issuances for further details. The covered bonds issued
externally are included within debt issuances.
Repurchase agreements
When the Banking Group sells securities subject to repurchase agreements under which we retain substantially all the risks and rewards of ownership,
then those assets do not qualify for derecognition. An associated liability is recognised for the consideration received from the counterparty.
The table below sets out the balance of assets transferred that do not qualify for derecognition, along with the associated liabilities:
Covered
bonds
Repurchase
agreements
As at 31 March 2026 NZ$m NZ$m
Current carrying amount of assets transferred 8,562 3,344
Carrying amount of associated liabilities 2,485 3,361
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
25
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 2026 NZ$m NZ$m NZ$m NZ$m
New Zealand residents
Agriculture 15,619 64 1,443 17,126
Forestry and fishing, agriculture services
525 6 107 638
Mining
91 22 87 200
Manufacturing
2,534 290 2,197 5,021
Electricity, gas, water and waste services
1,090 221 1,988 3,299
Construction
1,155 4 1,583 2,742
Wholesale trade
1,508 94 1,337 2,939
Retail trade and accommodation
2,813 18 696 3,527
Transport, postal and warehousing
916 33 695 1,644
Finance and insurance services
2,077 12,688 1,738 16,503
Rental, hiring & real estate services
38,385 1,335 1,791 41,511
Professional, scientific, technical, administrative and support services
1,147 21 563 1,731
Public administration and safety
181 15,709 1,047 16,937
Health care and social assistance
939 7 334 1,280
Households
88,767 342 14,826 103,935
All other New Zealand residents
1
1,160 67 1,373 2,600
Subtotal
158,907 30,921 31,805 221,633
Overseas
Finance and insurance services 59 22,516 293 22,868
Households
1,557 6 - 1,563
All other non-New Zealand residents
657 222 - 879
Subtotal
2,273 22,744 293 25,310
Gross subtotal 161,180 53,665 32,098 246,943
Allowance for ECL (666) - (139) (805)
Subtotal 160,514 53,665 31,959 246,138
Unearned income (24) - - (24)
Capitalised brokerage and other origination costs 749 - - 749
Maximum exposure to credit risk
161,239 53,665 31,959 246,863
1.
Other includes exposures to information media and telecommunications, education and training; arts and recreation services; and other services.
ANZ Bank New Zealand Limited unaudited
26 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 2026
NZ$m
Funding composition
Customer deposits 149,047
Wholesale funding
Debt issuances 20,472
Certificates of deposit
2,165
Commercial paper
2,548
Other borrowings
3,508
Total wholesale funding
28,693
Total deposits and wholesale funding 177,740
Customer deposits by industry - New Zealand residents
Agriculture, forestry and fishing 5,075
Mining
252
Manufacturing
3,540
Construction
3,408
Wholesale trade
2,575
Retail trade and accommodation
2,751
Transport, postal and warehousing
1,225
Financial and insurance services
15,535
Rental, hiring and real estate services
3,867
Professional, scientific, technical, administrative and support services
7,258
Public administration and safety
1,843
Health care and social assistance
1,759
Arts, recreation and other services
2,339
Households
82,775
All other New Zealand residents
1
3,747
Subtotal
137,949
Customer deposits by industry - overseas
Households 10,449
All other non-New Zealand residents
649
Subtotal
11,098
Total customer deposits 149,047
Wholesale funding (financial and insurance services industry)
New Zealand 7,554
Overseas
21,139
Total wholesale funding
28,693
Total deposits and wholesale funding 177,740
Concentrations of funding by geography
New Zealand 145,503
Australia
1,955
United States
14,086
Europe
8,135
Other countries
8,061
Total deposits and wholesale funding
177,740
1.
Other includes electricity, gas, water and waste services; information media and telecommunications; and education and training.
ANZ Bank New Zealand Limited unaudited
Registered bank disclosures
27
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 2026 NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Assets
Cash and cash equivalents 16,647 16,305 - - - - 342
Settlement balances receivable
484 - - - - - 484
Collateral paid
1,077 1,077 - - - - -
Trading securities
6,749 877 503 442 1,199 3,728 -
Derivative financial instruments
12,152 - - - - - 12,152
Investment securities
15,885 354 - 344 2,046 13,135 6
Net loans and advances
161,239 69,792 18,254 33,911 29,033 10,121 128
Other financial assets
872 - - - - - 872
Total financial assets
215,105 88,405 18,757 34,697 32,278 26,984 13,984
Liabilities
Settlement balances payable 6,575 2,987 - - - - 3,588
Collateral received
1,688 1,688 - - - - -
Deposits and other borrowings
157,268 102,146 18,887 10,879 3,447 2,986 18,923
Derivative financial instruments
11,119 - - - - - 11,119
Debt issuances
20,472 4,365 1,583 1,474 5,635 7,415 -
Lease liabilities
222 13 13 26 51 119 -
Other financial liabilities
945 303 - - - - 642
Total financial liabilities
198,289 111,502 20,483 12,379 9,133 10,520 34,272
Hedging instruments - 6,107 6,433 2,751 (12,416) (2,875) -
Interest sensitivity gap 16,816 (16,990) 4,707 25,069 10,729 13,589 (20,288)
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 2026 within relevant maturity groupings. All outstanding
debt issuances are profiled on the earliest date on which the Banking Group may 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 2026 NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Settlement balances payable 3,617 2,978 - - - 6,595
Collateral received - 1,688 - - - 1,688
Deposits and other borrowings 86,818 34,418 30,707 7,040 - 158,983
Derivative financial liabilities (trading) - 11,099 - - - 11,099
Debt issuances
1
- 2,719 3,685 16,000 - 22,404
Lease liabilities - 15 45 144 51 255
Other financial liabilities - 208 6 183 238 635
Derivative financial instruments (balance sheet management)
- gross inflows - (356) 3,285 7,068 744 10,741
- gross outflows - 263 (3,453) (7,380) (849) (11,419)
1.
Any callable wholesale debt instruments have been included at their next call date.
At 31 March 2026, NZ$32,098 million of its credit related commitments and contingent liabilities mature in less than 1 year, based on the earliest date on
which the Banking Group may be required to pay.
ANZ Bank New Zealand Limited unaudited
28 Registered bank disclosures
B2. Additional financial disclosures (continued)
Liquidity portfolio management
The Banking Group holds a diversified portfolio of cash and high quality securities primarily to support liquidity risk management. The size of the Banking
Group’s liquidity portfolio is determined with consideration of the amount required to meet the requirements of its internal and regulatory liquidity scenario
metrics.
As at 31 March 2026
NZ$m
Central and local government bonds 18,054
Government treasury bills 370
Certificates of deposit 577
Other bonds 6,834
Securities held to support liquidity risk management 25,835
Cash and balances with central banks 7,501
Assets held to support liquidity risk management 33,336
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$11,922 million at 31 March 2026
(September 2025: NZ$11,441 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 was 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 2026, the Bank had NZ$130 million drawn under the TLF (September 2025: NZ$165 million) and had fully repaid the amounts previously
drawn under the FLP (September 2025: NZ$1,000 million drawn). These amounts are included in securities sold under repurchase agreements in Note 6
Deposits and other borrowings.
Reconciliation of mortgage related amounts
As at 31 March 2026 Note NZ$m
Term loans - housing
1
4 118,608
Less: housing loans made to corporate customers (1,589)
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 117,021
Add: off-balance sheet residential mortgage exposures subject to the IRB approach (per asset quality and LVR analysis) B3, B4 10,718
Total residential mortgage exposures subject to the IRB approach (per LVR analysis) B4 127,739
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
29
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 2025 188 320 96 64 668
Transfer between stages 54 (51) (2) (1) -
New and increased provisions (net of collective provision releases) (24) 21 (5) 54 46
Write-backs - - - (25) (25)
Recoveries of amounts previously written off - - - (4) (4)
Credit impairment charge/(release) 30 (30) (7) 24 17
Bad debts written-off (excluding recoveries) - - - (22) (22)
Add back recoveries of amounts previously written off - - - 4 4
Discount unwind - - - (1) (1)
As at 31 March 2026 218 290 89 69 666
Off-balance sheet credit related commitments
As at 1 October 2025 70 57 3 4 134
Transfer between stages 9 (9) 1 (1) -
New and increased provisions (net of collective provision releases) 6 (1) - - 5
Credit impairment charge/(release) 15 (10) 1 (1) 5
As at 31 March 2026 85 47 4 3 139
Impacts of changes in gross financial assets on loss allowances - total
Gross loans and advances at amortised cost
As at 1 October 2025 146,240 9,928 1,240 369 157,777
Net transfers into each stage 573 272 74 39 958
Amounts drawn from new or existing facilities 25,224 810 35 94 26,163
Additions 25,797 1,082 109 133 27,121
Net transfers out of each stage (367) (578) (13) - (958)
Amounts repaid (21,616) (1,616) (221) (97) (23,550)
Deletions (21,983) (2,194) (234) (97) (24,508)
Amounts written off - - - (22) (22)
As at 31 March 2026 150,054 8,816 1,115 383 160,368
Loss allowance as at 31 March 2026 218 290 89 69 666
Off-balance sheet credit related commitments
As at 1 October 2025 28,457 1,754 16 23 30,250
Net transfers into each stage 145 21 15 - 181
New and increased facilities and drawn amounts repaid 7,021 195 3 4 7,223
Additions 7,166 216 18 4 7,404
Net transfers out of each stage (25) (145) - (11) (181)
Reduced facilities and amounts drawn (4,911) (454) (7) (3) (5,375)
Deletions (4,936) (599) (7) (14) (5,556)
As at 31 March 2026 30,687 1,371 27 13 32,098
Loss allowance as at 31 March 2026 85 47 4 3 139
Explanation of how changes in the gross carrying amounts of gross loans and advances contributed to changes in loss allowance
Overall, loss allowances are 0.42% of gross balances as at 31 March 2026, down from 0.43% as at 30 September 2025. The NZ$3 million (0.4%)
increase in loss allowances was primarily driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected
credit losses, partially offset by a decrease in the proportion of gross balances in Stage 2 and Stage 3; and a release of management temporary
adjustments.
ANZ Bank New Zealand Limited unaudited
30 Registered bank disclosures
B3. Asset quality (continued)
Movements in components of loss allowance – residential mortgages
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2025 47 65 50 21 183
Transfer between stages 12 (10) (2) - -
New and increased provisions (net of collective provision releases) (13) 5 1 13 6
Write-backs - - - (10) (10)
Recoveries of amounts previously written off - - - - -
Credit impairment charge/(release) (1) (5) (1) 3 (4)
Bad debts written-off (excluding recoveries) - - - - -
Add back recoveries of amounts previously written off - - - - -
Discount unwind - - - - -
As at 31 March 2026 46 60 49 24 179
Off-balance sheet credit related commitments
As at 1 October 2025 1 - - - 1
Transfer between stages - - - - -
New and increased provisions (net of collective provision releases) - - - - -
Credit impairment charge/(release) - - - - -
As at 31 March 2026 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 2025 109,088 4,148 979 97 114,312
Net transfers into each stage - 261 65 20 346
Amounts drawn from new or existing facilities 18,154 345 6 40 18,545
Additions 18,154 606 71 60 18,891
Net transfers out of each stage (346) - - - (346)
Amounts repaid (15,075) (579) (139) (43) (15,836)
Deletions (15,421) (579) (139) (43) (16,182)
Amounts written off - - - - -
As at 31 March 2026 111,821 4,175 911 114 117,021
Loss allowance as at 31 March 2026 46 60 49 24 179
Off-balance sheet credit related commitments
As at 1 October 2025 10,198 64 1 - 10,263
Net transfers into each stage - 18 - - 18
New and increased facilities and drawn amounts repaid 1,865 12 - - 1,877
Additions 1,865 30 - - 1,895
Net transfers out of each stage (18) - - - (18)
Reduced facilities and amounts drawn (1,413) (9) - - (1,422)
Deletions (1,431) (9) - - (1,440)
As at 31 March 2026 10,632 85 1 - 10,718
Loss allowance as at 31 March 2026 1 - - - 1
Explanation of how changes in the gross carrying amounts of residential mortgages contributed to changes in loss allowance
The NZ$4 million (2.2%) decrease in loss allowances on residential mortgage exposures is primarily driven by a release of management temporary
adjustments, partially offset by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected credit losses and an
increase in the proportion of gross balances in Stage 2 and Stage 3. Overall loss allowances and individually impaired exposures remain low, reflecting that
approximately 90% of on-balance sheet residential mortgage exposures have loan to valuation ratios not exceeding 80% (refer to page 38).
ANZ Bank New Zealand Limited unaudited
Registered bank disclosures
31
B3. Asset quality (continued)
Movements in components of loss allowance – other retail exposures
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2025 3 38 14 - 55
Transfer between stages 3 (3) - - -
New and increased provisions (net of collective provision releases) 8 (21) 1 20 8
Write-backs - - - (1) (1)
Recoveries of amounts previously written off - - - (4) (4)
Credit impairment charge/(release) 11 (24) 1 15 3
Bad debts written-off (excluding recoveries) - - - (19) (19)
Add back recoveries of amounts previously written off - - - 4 4
Discount unwind - - - - -
As at 31 March 2026 14 14 15 - 43
Off-balance sheet credit related commitments
As at 1 October 2025 11 5 2 - 18
Transfer between stages 2 (2) - - -
New and increased provisions (net of collective provision releases) (2) 2 - - -
Credit impairment charge/(release) - - - - -
As at 31 March 2026 11 5 2 - 18
Impacts of changes in gross financial assets on loss allowances - other retail exposures
Gross loans and advances at amortised cost
As at 1 October 2025 2,186 110 31 5 2,332
Net transfers into each stage - 11 9 1 21
Amounts drawn from new or existing facilities 312 10 3 20 345
Additions 312 21 12 21 366
Net transfers out of each stage (21) - - - (21)
Amounts repaid (295) (20) (13) (1) (329)
Deletions (316) (20) (13) (1) (350)
Amounts written off - - - (19) (19)
As at 31 March 2026 2,182 111 30 6 2,329
Loss allowance as at 31 March 2026 14 14 15 - 43
Off-balance sheet credit related commitments
As at 1 October 2025 4,485 28 10 - 4,523
Net transfers into each stage - 3 4 - 7
New and increased facilities and drawn amounts repaid 206 3 1 - 210
Additions 206 6 5 - 217
Net transfers out of each stage (7) - - - (7)
Reduced facilities and amounts drawn (221) (6) (4) - (231)
Deletions (228) (6) (4) - (238)
As at 31 March 2026 4,463 28 11 - 4,502
Loss allowance as at 31 March 2026 11 5 2 - 18
Explanation of how changes in the gross carrying amounts of other retail exposures contributed to changes in loss allowance
The NZ$12 million (16.4%) decrease in loss allowances is driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance
for expected credit losses.
ANZ Bank New Zealand Limited unaudited
32 Registered bank disclosures
B3. Asset quality (continued)
Movements in components of loss allowance – corporate exposures
1
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed Total
Net loans and advances at amortised cost NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2025 138 217 32 43 430
Transfer between stages 39 (38) - (1) -
New and increased provisions (net of collective provision releases) (19) 37 (7) 21 32
Write-backs - - - (14) (14)
Recoveries of amounts previously written off - - - - -
Credit impairment charge/(release) 20 (1) (7) 6 18
Bad debts written-off (excluding recoveries) - - - (3) (3)
Add back recoveries of amounts previously written off - - - - -
Discount unwind - - - (1) (1)
As at 31 March 2026 158 216 25 45 444
Off-balance sheet credit related commitments
As at 1 October 2025 58 52 1 4 115
Transfer between stages 7 (7) 1 (1) -
New and increased provisions (net of collective provision releases) 8 (3) - - 5
Credit impairment charge/(release) 15 (10) 1 (1) 5
As at 31 March 2026 73 42 2 3 120
Impacts of changes in gross financial assets on loss allowances - corporate exposures
Gross loans and advances at amortised cost
As at 1 October 2025 34,966 5,670 230 267 41,133
Net transfers into each stage 573 - - 18 591
Amounts drawn from new or existing facilities 6,758 455 26 34 7,273
Additions 7,331 455 26 52 7,864
Net transfers out of each stage - (578) (13) - (591)
Amounts repaid (6,246) (1,017) (69) (53) (7,385)
Deletions (6,246) (1,595) (82) (53) (7,976)
Amounts written off - - - (3) (3)
As at 31 March 2026 36,051 4,530 174 263 41,018
Loss allowance as at 31 March 2026 158 216 25 45 444
Off-balance sheet credit related commitments
As at 1 October 2025 13,774 1,662 5 23 15,464
Net transfers into each stage 145 - 11 - 156
New and increased facilities and drawn amounts repaid 4,950 180 2 4 5,136
Additions 5,095 180 13 4 5,292
Net transfers out of each stage - (145) - (11) (156)
Reduced facilities and amounts drawn (3,277) (439) (3) (3) (3,722)
Deletions (3,277) (584) (3) (14) (3,878)
As at 31 March 2026 15,592 1,258 15 13 16,878
Loss allowance as at 31 March 2026 73 42 2 3 120
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$19 million (3.5%) increase in loss allowances is driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance
for expected credit losses, partially offset by a reduction in the proportion of gross balances in Stage 2 and Stage 3, and a release of management
temporary adjustments.
ANZ Bank New Zealand Limited unaudited
Registered bank disclosures
33
B3. Asset quality (continued)
Past due assets and other asset quality information
Residential
mortgages
Other retail
exposures
Non-retail
exposures Total
As at 31 March 2026 NZ$m NZ$m NZ$m NZ$m
Past due assets
Less than 30 days past due 594 78 299 971
At least 30 days but less than 60 days past due 362 12 65 439
At least 60 days but less than 90 days past due 233 8 1 242
At least 90 days past due 828 22 41 891
Total past due but not individually impaired 2,017 120 406 2,543
Other asset quality information
Undrawn facilities with individually impaired customers - - 13 13
Other assets under administration 1 1 - 2
Asset quality for financial assets designated at fair value
The Banking Group has no financial assets designated at FVTPL where changes in fair value are attributable to the credit risk of the financial asset.
ANZ Bank New Zealand Limited unaudited
34 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios
RBNZ capital ratios
RBNZ minimum Banking Group
Bank
(Solo Consolidated)
As at 31 Mar 26 31 Mar 25 31 Mar 26 31 Mar 25 31 Mar 26 31 Mar 25
Common equity tier 1 capital 4.5% 4.5% 12.7% 12.8% 12.5% 12.6%
Tier 1 capital 7.0% 7.0% 15.0% 15.2% 14.8% 15.0%
Total capital 9.0% 9.0% 17.1% 17.4% 16.9% 17.2%
Prudential capital buffer ratio 5.5% 4.5% 8.0% 8.2% n/a n/a
Capital
As at 31 March 2026
NZ$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
2,305
Accumulated other comprehensive income and other disclosed reserves
2
124
Less deductions from CET1 capital
Goodwill and intangible assets, net of associated deferred tax liabilities (3,104)
Deferred tax assets less deferred tax liabilities relating to temporary differences (416)
Cash flow hedge reserve (82)
Defined benefit superannuation plan surplus (36)
Expected losses to the extent greater than total eligible allowances for impairment (206)
CET1 capital 14,573
AT1 capital
NZD 1,692m perpetual preference shares
3
1,692
Transitional AT1 capital
NZD 938m ANZ NZ ICN
4
938
AT1 capital 2,630
Total tier 1 capital 17,203
Tier 2 capital
NZD 600m subordinated notes
4
600
USD 1,000m subordinated notes
4
1,751
Tier 2 capital 2,351
Total capital 19,554
1.
Includes a deduction for dividends on AT1 capital instruments approved by the Bank’s board, but not yet paid as at 31 March 2026, 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$83 million and the FVOCI reserve of NZ$41 million as at 31 March 2026.
3.
Classified as equity on the balance sheet under NZ GAAP.
4.
Classified as a liability on the balance sheet under NZ GAAP.
ANZ Bank New Zealand Limited unaudited
Registered bank disclosures
35
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Total capital requirements of the Banking Group
Total exposure
after credit risk
mitigation
Risk weighted
exposure or
implied risk
weighted
exposure
Total capital
requirement
As at 31 March 2026 NZ$m NZ$m NZ$m
Exposures subject to internal ratings based approach 182,871 72,427 6,518
Specialised lending exposures subject to the slotting approach 9,895 9,463 852
Exposures subject to the standardised approach 39,769 5,325 479
Output floor balancing item n/a 6,796 612
Total credit risk 232,535 94,011 8,461
Market risk n/a 7,574 682
Operational risk n/a 12,964 1,167
Total n/a 114,549 10,310
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 2026, 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.
In December 2025, RBNZ released its 2025 review of key capital requirements, which stated that it will remove AT1 capital from the regulatory capital
framework and that regulatory capital recognition of instruments that qualify as AT1 capital will be fully phased out.
The Bank has determined that a regulatory event has occurred in respect of the PPS. The occurrence of a regulatory event means that the Bank may
choose to redeem the PPS at its discretion, subject to certain conditions including prior written approval of RBNZ. As at 5 May 2026, no decision has been
made on whether the Bank will redeem the PPS.
ANZ Bank New Zealand Limited unaudited
36 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
ANZ NZ ICN – AT1 capital
ANZ NZ ICN are convertible non-cumulative perpetual subordinated debt securities. Holders of ANZ NZ ICN do not have any right to vote in general
meetings of the Bank. ANZ NZ ICN 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 ANZ NZ ICN are discretionary, non-cumulative and subject to conditions.
In the event of liquidation, holders of ANZ NZ ICN are entitled to claim an amount equal to the issue price of the ANZ NZ ICN. Holders of ANZ NZ ICN rank
behind the claims of all depositors and other creditors of the Bank (other than creditors that rank equally with the ANZ NZ ICN), 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 NZ$938 million of ANZ NZ ICN to NZ Branch in 2016. The key terms of the ANZ NZ ICN notes are as follows:
The interest amount is based on a floating rate equal to the aggregate of the New Zealand 6-month bank bill rate plus 6.29% per annum.
ANZ NZ ICN provide the Bank with a redemption option on specified dates and a redemption or conversion to equity option in certain other
circumstances. Redemption is subject to RBNZ’s prior written approval. The ANZ NZ ICN will immediately convert into ordinary shares of the Bank if:
• the Banking Group’s common equity tier 1 capital ratio is equal to or less than 5.125% - known as a Common Equity Capital Trigger Event; or
• RBNZ directs the Bank to convert or write-off the ANZ NZ ICN, or a statutory manager is appointed to the Bank and decides that the Bank must
convert or write-off the ANZ NZ ICN.
On 17 April 2026, the Bank gave notice to NZ Branch as the holder of the ANZ NZ ICN that it will redeem the ANZ NZ ICN on their optional redemption
date in June 2026.
Tier 2 capital
Tier 2 capital notes are fully paid unsecured subordinated notes. Interest payments are subject to the Bank being solvent at the time of, and immediately
following, the payment. Unpaid interest accumulates, and will be paid at the earlier of when the Bank is solvent again or at maturity. The Bank may repay
the notes early (the next optional call dates are specified below), or in certain other circumstances (such as a tax or regulatory event). Early repayment is
subject to certain conditions, including prior written approval from RBNZ.
Interest Interest Credit
31 Mar 26
Currency Face value Issue date Maturity Next optional call date rate reset date rating
2
NZ$m
NZD 600m Sep 2021 Sep 2031 Sep 2026 2.999% Sep 2026 A 599
USD 500m Aug 2022 Aug 2032 Aug 2027 5.548% Aug 2027 A 862
USD 500m Jul 2024 Jul 2034 Jul 2029 5.898% Jul 2029 A 888
Total tier 2 capital
1
2,349
1.
Carrying amounts are net of issuance costs and, where applicable, fair value hedge accounting adjustments.
2.
Credit rating assigned by S&P Global Ratings as at 31 March 2026.
ANZ Bank New Zealand Limited unaudited
Registered bank disclosures
37
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 2026 % NZ$m NZ$m % % NZ$m
Corporate
0 - 2 0.05 73,102 8,816 54 25 2,605
3 - 4 0.36 48,654 19,330 36 42 9,651
5 1.00 31,503 12,773 31 54 8,247
6 2.25 5,544 4,605 32 75 4,122
7 - 8 16.63 2,421 1,837 36 150 3,301
Default 100.00 215 217 33 180 469
Total corporate exposures 1.74 161,439 47,578 38 50 28,395
Residential mortgages
0 - 3 0.15 45,850 46,319 17 6 3,272
4 0.43 25,437 25,488 19 15 4,635
5 0.89 28,027 28,105 21 27 9,052
6 2.17 21,921 21,950 22 49 13,026
7 - 8 5.67 5,477 5,482 22 83 5,443
Default 100.00 1,027 1,029 22 196 2,420
Total residential mortgage exposures 1.75 127,739 128,373 19 25 37,848
Other retail
0 - 2 0.10 479 482 77 49 285
3 - 4 0.26 4,020 4,093 78 56 2,749
5 1.10 1,005 973 77 83 967
6 2.84 597 625 84 109 819
7 - 8 8.33 692 711 87 137 1,165
Default 100.00 38 36 81 434 199
Total other retail exposures 1.98 6,831 6,920 79 74 6,184
Total credit risk exposures subject to the IRB approach 1.75 296,009 182,871 26 33 72,427
IRB credit exposures include the following undrawn commitments and other off-balance sheet contingent liabilities:
Total value
Exposure at
default
As at 31 March 2026 NZ$m NZ$m
Undrawn commitments and other off-balance sheet contingent liabilities
Corporate 13,343 11,779
Residential mortgages 10,718 11,188
Other retail 4,502 4,535
Counterparty credit risk on derivatives and securities financing transactions
Corporate 114,685 2,189
Total 143,248 29,691
ANZ Bank New Zealand Limited unaudited
38 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Additional mortgage information
As required by RBNZ, LVRs are calculated as the current exposure secured by a residential mortgage divided by the Banking Group's valuation of the
security property at origination of the exposure. Off-balance sheet exposures include undrawn and partially drawn residential mortgage loans as well as
commitments to lend. Commitments to lend are formal offers for housing lending which have been accepted by the customer.
On-balance
sheet
Off-balance
sheet Total
As at 31 March 2026 NZ$m NZ$m NZ$m
LVR range
Does not exceed 60% 54,558 7,616 62,174
Exceeds 60% and not 70% 21,950 1,325 23,275
Exceeds 70% and not 80% 29,036 1,381 30,417
Does not exceed 80% 105,544 10,322 115,866
Exceeds 80% and not 90% 10,021 286 10,307
Exceeds 90% 1,456 110 1,566
Total 117,021 10,718 127,739
Specialised lending subject to the slotting approach
Exposures
after
credit risk
mitigation
Risk
weight
Risk
weighted
assets
As at 31 March 2026 NZ$m % NZ$m
On-balance sheet exposures
Strong 6,158 70 5,173
Good 1,946 90 2,102
Satisfactory 312 115 430
Weak 315 250 943
Default 276 - -
Off-balance sheet exposures by average risk weight
Undrawn commitments and other off-balance sheet exposures 888 76 815
Total exposures subject to the slotting approach 9,895 80 9,463
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
39
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 2026 NZ$m % NZ$m % NZ$m
On-balance sheet exposures by separate risk weight
Cash and gold bullion 201 - -
Sovereign and central banks 21,163 - -
Multilateral development banks and other international organisations 4,546 - -
Public sector entities 1,775 20 355
Banks - 20% risk weight 1,228 20 246
Banks - 50% risk weight 946 50 473
Banks - 100% risk weight 1 100 1
Equity exposures not deducted from capital
Unlisted equity holdings 6 400 23
Other on-balance sheet exposures by average risk weight
Corporate 81 100 81
Past due assets - 150 -
Other assets 1,492 100 1,492
Off-balance sheet exposures by average risk weight
Total off balance sheet exposures 2,007 57 1,147 42 487
Counterparty credit risk by average risk weight
Foreign exchange contracts 354,180 4,077 20 817
Interest rate contracts 1,446,113 1,442 20 293
Other 7,573 110 20 22
Credit valuation adjustment 801
Trades settled on Qualifying Central Counterparties (QCCP)
by average risk weight
Bank as QCCP clearing member, clearing own trades 1,269 18 228
Collateral posted for clearing own trades 285 2 6
Total exposures subject to the standardised approach 39,769 13 5,325
Credit valuation adjustment
The IRB, slotting and standardised tables above include a Credit valuation adjustment (CVA) capital charge of NZ$101 million, and implied risk weighted
exposures for the CVA of NZ$1,265 million.
Credit risk mitigation
As at 31 March 2026, under the IRB approach, the Banking Group had NZ$260 million of corporate exposures covered by guarantees where the
presence of the guarantees was judged to reduce the underlying credit risk of the exposures. Information on the value of other exposures covered by
financial guarantees and eligible financial collateral is not disclosed, as the effect of these guarantees and collateral on the underlying credit risk exposures
is not considered to be material.
ANZ Bank New Zealand Limited unaudited
40 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (continued)
Impact of the standardised floor on total credit RWAs
Risk weighted assets
Calculated for
compliance
purposes
Recalculated using
the standardised
approach
As at 31 March 2026 NZ$m NZ$m
Exposures subject to the IRB or slotting approaches
1
81,890 104,335
Standardised floor at 85% of standardised equivalents n/a 88,686
Output floor adjusting item 6,796 n/a
IRB and slotting RWA with floor applied 88,686 n/a
RWAs for standardised exposures 5,325 n/a
Total credit risk RWAs 94,011 n/a
1.
RWA calculated for compliance purposes includes a scalar of 1.2 as required by BPR 130 Credit Risk RWAs Overview.
Information about RWA recalculated using the standardised approach is in section Standardised equivalents of IRB risk weighted assets on page 42.
In accordance with BPR 130 Credit Risk RWAs Overview, IRB and slotting RWA with standardised floor applied is calculated as the greater of RWA for
compliance purposes, and 85% of the total RWA for such exposures calculated using the standardised approach.
Market risk
The aggregate capital charge below has been calculated in accordance with BPR140: Market Risk. Implied risk weighted exposures are equal to 12.5 x
aggregate capital charge in accordance with BPR100: Capital Adequacy and as prescribed by the Order. The peak end-of-day market risk exposures are
for the six months ended 31 March 2026.
The total capital requirement for market risk exposure calculated at 9% of implied risk weighted exposure is disclosed on page 35.
Implied risk
weighted exposure
Aggregate capital
charge
Period end Peak Period end Peak
As at 31 March 2026 NZ$m NZ$m NZ$m NZ$m
Interest rate risk 7,494 8,285 599 663
Foreign currency risk 74 86 6 7
Equity risk 6 6 - -
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 2026, the Banking Group had an implied risk weighted exposure of NZ$12,964 million and a total operational risk capital requirement of
NZ$1,037 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 35.
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 2026, the Banking Group's internal capital allocation for other material risks is NZ$148 million (March 2025: NZ$140 million).
ANZ Bank New Zealand Limited unaudited
Registered bank disclosures
41
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 26 31 Mar 25 31 Mar 26 31 Mar 25
Common equity tier 1 capital 12.4% 11.8% 12.9% 12.0%
Tier 1 capital 14.0% 13.4% 14.7% 13.9%
Total capital 21.2% 20.4% 23.1% 22.1%
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 2026 and for the comparative prior periods.
The Overseas Banking Group is required to publicly disclose Pillar 3 financial information as at 31 March 2026. The Overseas Banking Group’s Pillar 3
disclosure document for the quarter ended 31 March 2026, 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 26 31 Dec 25
Quarterly average 1-week mismatch ratio 7.4% 7.2%
Quarterly average 1-month mismatch ratio 6.5% 6.4%
Quarterly average core funding ratio 90.4% 89.9%
ANZ Bank New Zealand Limited unaudited
42 Registered bank disclosures
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (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 26 30 Sep 25 30 Sep 24
As at % % %
Total capital ratio 17.1 17.4 17.2
Total capital ratio recalculated as if the Bank were not an IRB bank 15.2 15.5 15.4
Actual average risk weight for all modelled credit risk exposures 42.5 42.9 42.2
Standardised equivalent average risk weight for all modelled credit risk exposures 57.8 57.7 57.5
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 a
ll
e
xposures subject to the IRB modelling approach or the supervisory slotting approach recalculated as if the Bank was a standardised bank, to tota
l
on
-balance sheet exposures and credit equivalent amounts for all such exposures, defined in accordance with the standardised risk-weighting
approach in BPR131 Standardised Credit Risk RWAs.
Standardised equivalent capital ratios
As at 31 March 2026 CET 1 capital Tier 1 capital Total capital
Standardised equivalent capital amount NZ$m 14,779 17,409 19,760
Standardised equivalent total RWAs NZ$m 130,172 130,172 130,172
Ratio 11.4% 13.4% 15.2%
The standardised equivalent of the Banking Group capital and the Banking Group reported capital amounts are different due to 'Expected losses to the
extent greater than total eligible allowances for impairment' which only applies under the IRB approach.
The standardised equivalent of the Banking Group total RWAs and the Banking Group reported total RWAs amounts are different due to (i) credit RWAs as
the Banking Group is accredited to report under BPR133 IRB Credit Risk RWAs whereas credit RWAs are recalculated under BPR131 Standardised Credit
Risk RWAs for dual reporting purposes and (ii) CVA for credit risk exposures subject to the standardised approach.
Credit risk: standardised equivalents of IRB risk weighted assets
IRB approach Standardised equivalent
Exposure
Risk
weighted
assets Exposure
Risk
weighted
assets
As at 31 March 2026 NZ$m NZ$m NZ$m NZ$m
Corporate 47,578 28,395 43,134 41,619
Residential mortgages 128,373 37,848 122,946 48,222
Other retail 6,920 6,184 4,624 4,640
Specialised lending subject to the slotting approach 9,895 9,463 9,714 9,854
Total 192,766 81,890 180,418 104,335
ANZ Bank New Zealand Limited unaudited
R
egistered bank disclosures
43
B5. Concentration of credit exposures to individual counterparties
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 26 31 Mar 26
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 1 1
with a long-term credit rating of A- or A3 or above, or its equivalent 1 1
- 10% to less than 15% of CET1 capital1 1
with a long-term credit rating of at least BBB- or Baa3, or its equivalent, and at most BBB+ or Baa1, or its equivalent- -
B6. Insurance business
As at 31 March 2026, the Banking Group does not conduct any insurance business.
ANZ Bank New Zealand Limited
44
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 Incorporated
Registered Banks) Order 2014; and
•The Disclosure Statement is not false or misleading.
Over the six months ended 31 March 2026, after due enquiry, each Director believes that:
•Except as noted in ‘Non-compliance with conditions of registration 11: compliance with RBNZ’s Outsourcing Policy (BS11)’ on page 23, ANZ Ban
k
N
ew 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
•Except as noted in the ‘Non-compliance with conditions of registration 11: compliance with RBNZ’s Outsourcing Policy (BS11)’ and ‘Ultimate Paren
t
B
ank enforceable undertaking with APRA and its relevance to the Bank’ sections on page 23, ANZ Bank New Zealand Limited had systems in place t
o
m
onitor 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 systems were being properly applied.
1.
I n 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, 5 May 2026.
N
agaja Sanatkumar
Craig
Sims
S
cott St John
Caro
lyn Steele
M
ark Tume
A
ntonia Watson
M
ark Whelan
Da
me Joan Withers, DNZ
ANZ Bank New Zealand Limited
Limited assurance report
45
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 24 to 33 and 43 of the Disclosure Statement as at and for the six months
ended 31 March 2026, 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
•are not disclosed, in all material respects, in accordance with those Schedules; or
•have not been prepared, in all material respects, in accordance with any condition of registration relating to disclosure requirements, imposed
under section 74(4)(c) of the Banking (Prudential Supervision) Act 1989.
Basis for conclusion
We conducted our review of the registered bank disclosures in sections B2, B3, B5 and B6 in accordance with New Zealand Standard on Review
Engagements 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 review 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 the 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 th
e
Disc
losure Statement that are 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 fairly state, in all material respects, the matters to which they relate, in
accordance with Schedules 5, 7, 13, 16 and 18 of the Order.
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 would become aware of all significant matters that
might be identified 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.
For and on behalf of:
K
PMG
Wellington
5 May 2026
ANZ Bank New Zealand Limited
46 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 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 34 to 42 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 Capital Adequacy and Regulatory Liquidity Requirements, as disclosed in section B4 of the Disclosure
Statement for the six months ended 31 March 2026.
Our conclusion on Capital Adequacy and Regulatory Liquidity Requirements does not extend to any other information included, or referred to, in the
Disclosure Statement.
Criteria
The information relating to 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.
Our responsibilities under SAE 3100 (Revised) are further described in the Our responsibility section of our report.
How to interpret limited assurance and material misstatement and non-compliance
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment
procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.
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 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 for the six months ended 31 Ma
rch 2026 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.
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 the Directors
The Directors of ANZ Bank New Zealand Limited are responsible for the compliance activities undertaken to meet their identified compliance
requirements and disclosure of the information relating to Capital Adequacy and Regulatory Liquidity Requirements in accordance with Schedule 11 of
the Order. This responsibility includes such internal control as the Directors determine is necessary to enable the identification of risks that threaten the
compliance requirements being met, designing and implementing controls which will mitigate those risks, 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.
ANZ Bank New Zealand Limited
Limited assurance report
47
Our responsibility
We have responsibility for:
•planning and performing the engagement to obtain limited assurance about whether the supplementary information relating to Capital Adequacy and
Regulatory Liquidity Requirements is free from material misstatement and non-compliance, whether due to fraud or error;
•forming an independent conclusion based on the procedures we have performed and the evidence we have obtained; and
•reporting our conclusion to the Bank's shareholder.
Our work was carried out by a multidisciplinary team, including specialists in financial risk management, who assisted with the procedures below. We
remain solely responsible for the assurance conclusion.
Summary of the work we performed as the basis of our conclusion
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 judgement, including identifying areas where the risk of material misstatement and non-compliance with Schedule 11 of the Order is
likely to arise.
In undertaking limited assurance, the procedures we primarily performed were:
•used our professional judgement to plan and perform the engagement to obtain limited assurance that the information relating to Capital 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
Adequacy and Regulatory Liquidity Requirements;
•performed inquiry and analytical review procedures over 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
P
rudential 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.
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.
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.
K
PMG
Wellington
5 May 2026
anz.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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