ANZBGL NZ Branch DS 31 March 2026
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
Australia and New Zealand Banking Group Limited –
ANZBGL New Zealand Branch Registered Bank Disclosure Statement
Australia and New Zealand Banking Group Limited (ANZBGL) today released its ANZBGL New Zealand Branch
Registered Bank Disclosure Statement for the six months ended 31 March 2026.
It has been approved for distribution by ANZBGL’s Board of Directors.
Yours faithfully
Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited
Australia and New Zealand Banking
Group Limited - ANZBGL New Zealand
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' and New Zealand Chief Executive Officer's statement 32
Limited assurance reports 33
Glossary
In this Registered Bank Disclosure Statement (Disclosure Statement) unless the context otherwise requires:
Bank means ANZ Bank New Zealand Limited.
Banking Group means the Bank and all its controlled entities.
Immediate Parent Company means ANZ Funds Pty. Ltd., which is the immediate parent company of 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, We or Our 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 Level 10, 171 Featherston Street, Wellington, 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 (Overseas 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.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
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
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 4,540 5,542
Interest expense (2,246) (3,346)
Net interest income 2,294 2,196
Other operating income 2 409 509
Operating income
2,703 2,705
Operating expenses (892)(894)
Profit before credit impairment and income tax 1,811 1,811
Credit impairment release/(charge) 5 (22)5
Profit before income tax
1,789 1,816
Income tax expense (506)(514)
Profit for the period 1,283 1,302
Comprising:
Profit attributable to shareholders of the Ultimate Parent Bank 1,262 1,281
Profit attributable to non-controlling interests
21 21
Statement of Comprehensive Income
2026 2025
For the six months ended 31 March NZ$m NZ$m
Profit for the period 1,283 1,302
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
1,273 1,314
Comprising total comprehensive income attributable to:
Shareholders of the Ultimate Parent Bank 1,252 1,293
Non-controlling interests
21 21
The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
Co
ndensed 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 12,163 11,446
Investment securities 15,885 16,458
Net loans and advances
4 161,486 158,964
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 219,490 210,267
Liabilities
Settlement balances payable 6,557 4,597
Collateral received 1,688 1,725
Deposits and other borrowings 6 160,175 156,172
Derivative financial instruments 10,836 10,198
Current tax liabilities 120 320
Payables and other liabilities 1,546 1,624
Employee entitlements 113 122
Other provisions 217 225
Debt issuances 7 20,488 17,766
Total liabilities 201,740 192,749
Net assets 17,750 17,518
Shareholders' equity
Share capital 14,555 14,555
Reserves 124 129
Retained earnings 2,246 2,009
Equity attributable to shareholders of the Ultimate Parent Bank 16,925 16,693
Non-controlling interests 825 825
Total shareholders' equity 17,750 17,518
The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 1,283 1,302
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Depreciation and amortisation 49 51
Net derivatives/foreign exchange adjustment
468 (455)
Other non-cash movements (3)(61)
Net (increase)/decrease in operating assets:
Collateral paid 37 299
Trading securities
(401)(198)
Net loans and advances (2,522) (1,949)
Other assets 1,085 (87)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings (excluding items included in financing activities) 5,047 6,497
Settlement balances payable
1,960 (1,955)
Collateral received (37)426
Other liabilities
(311)(639)
Total adjustments 5,372 1,929
Net cash provided by operating activities
1
6,655 3,231
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 (excluding borrowings from Immediate Parent and Ultimate Parent Bank)
2
(1,035) (534)
Debt issuances:
3
Issue proceeds 2,611 1,689
Redemptions
-(2,636)
Borrowings from Immediate Parent and Ultimate Parent Bank:
4
Change in short term borrowings (39)(39)
Repayment of lease liabilities (24)(25)
Dividends paid (1,041) (651)
Net cash provided by/(used in) financing activities 472 (2,196)
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$725 million (March 2025: NZ$657 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$131 million increase (March 2025: NZ$1,168 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$11 million increase (March 2025: nil) from other changes.
4.
Movement in borrowings from Immediate Parent and Ultimate Parent Bank (Note 6 Deposit and other borrowings) also includes a NZ$16 million increase (March 2025: NZ$118 million increase) from the
effect of foreign exchange rates, a NZ$13 million increase (March 2025: NZ$2 million increase) from changes in fair value hedging instruments and a NZ$1 million increase (March 2025: nil) from other
changes.
The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
Co
ndensed consolidated interim financial statements
7
Statement of Changes in Equity
Share capital
and initial head
office account Reserves
Retained
earnings
Equity
attributable to
shareholders
of the Ultimate
Parent Bank
Non-
controlling
interests
1
Total
shareholders'
equity
NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
As at 1 October 2024 14,555 24 1,123 15,702 825 16,527
Profit or loss for the period - - 1,281 1,281 21 1,302
Other comprehensive income for the period -48 12 -12
Total comprehensive income for the period -41,289 1,293 21 1,314
Transactions with equity holders in their capacity as
equity owners:
Ordinary shares dividend paid - - (630) (630)-(630)
Perpetual preference shares dividends paid - - - - (21)(21)
As at 31 March 2025 14,555 28 1,782 16,365 825 17,190
As at 1 October 2025 14,555 129 2,009 16,693 825 17,518
Profit or loss for the period - - 1,262 1,262 21 1,283
Other comprehensive income for the period
-(5)(5)(10)-(10)
Total comprehensive income for the period
-(5)1,257 1,252 21 1,273
Transactions with equity holders in their capacity as
equity owners:
Ordinary shares dividend paid - - (1,020) (1,020) -(1,020)
Perpetual preference shares dividends paid
- - - - (21)(21)
As at 31 March 2026
14,555 124 2,246 16,925 825 17,750
1.
Non-controlling interests comprise perpetual preference shares (PPS) that qualify as additional tier 1 (AT1) capital for the Bank. In December 2025, RBNZ released its 2025 capital review decisions, 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.
The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 ANZBGL New Zealand have been prepared in accordance with the requirements of the
Order and should be read in conjunction with ANZBGL New Zealand’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.
The condensed consolidated interim financial statements of ANZBGL New Zealand comprise the financial statements of the NZ Branch and all of the New
Zealand businesses of all the subsidiaries of the Ultimate Parent Bank.
We present the condensed consolidated interim financial statements of ANZBGL New Zealand in New Zealand dollars and have rounded values to the
nearest million dollars (NZ$m), unless otherwise stated.
The accounting policies adopted by ANZBGL New Zealand 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 ANZBGL New Zealand’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.
ANZBGL New Zealand 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 fo
recast 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.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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
29 161
Net foreign exchange earnings and other financial instruments income
126 262
Insurance proceeds 15 -
Other
7 4
Other income
148 266
Other operating income 409 509
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
10 Notes to the condensed consolidated interim financial statements
3. Segment reporting
Description of segments
ANZBGL New Zealand 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, commodity
financing as well as cash management solutions, deposits, payments and clearing.
• Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance,
debt structuring and acquisition finance, and sustainable finance solutions.
• Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in
addition to managing ANZBGL New Zealand’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 1,330 1,273 464 478 409 373 91 72 2,294 2,196
Net fee and commission income
- Lending fees 5 4 - - 6 6 1 - 12 10
- Non-lending fees 253 227 111 114 24 24 - (4) 388 361
- Commissions 13 13 - - - - - 1 13 14
- Funds management income 126 122 - - - - - - 126 122
- Fee and commission expense (191) (173) (87) (91) - - - - (278) (264)
Net fee and commission income 206 193 24 23 30 30 1 (3) 261 243
Other income 2 - - (1) 104 107 42 160 148 266
Other operating income 208 193 24 22 134 137 43 157 409 509
Operating income 1,538 1,466 488 500 543 510 134 229 2,703 2,705
Operating expenses (607) (608) (150) (146) (125) (127) (10) (13) (892) (894)
Profit before credit impairment
and income tax
931 858 338 354 418 383 124 216 1,811 1,811
Credit impairment release/(charge) (23) (20) 22 25 (21) - - - (22) 5
Profit before income tax 908 838 360 379 397 383 124 216 1,789 1,816
Income tax expense (254) (235) (101) (106) (112) (107) (39) (66) (506) (514)
Non-controlling interests - - - - - - (21) (21) (21) (21)
Profit after income tax
1
654 603 259 273 285 276 64 129 1,262 1,281
1.
Attributable to shareholders of the Ultimate Parent Bank.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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
118,411 115,598 24,793 24,324 18,282 19,042 - - 161,486 158,964
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 40 15
Economic hedges 21 116
Total 64 129
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 118,855 116,116
Term loans - non-housing
1
40,177 40,524
Gross subtotal 161,427 159,019
Unearned income
2
(24)(26)
Capitalised brokerage and other origination costs
2
749 639
Gross loans and advances 162,152 159,632
Allowance for expected credit losses (refer to Note 5) (666)(668)
Net loans and advances 161,486 158,964
1.
Includes reverse repurchase agreements (with 90 days or more to maturity) designated at FVTPL of NZ$812 million (September 2025: NZ$961 million).
2.
Amortised over the expected life of the loan.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
12 Notes to the condensed consolidated interim financial statements
5. Allowance for expected credit losses
This note should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements.
31 Mar 26 30 Sep 25
Collectively
assessed
Individually
assessed Total
Collectively
assessed
Individually
assessed Total
NZ$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.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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, ANZBGL New Zealand 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. ANZBGL New Zealand’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 ANZBGL New Zealand’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.
Th
e base 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
ANZBGL New Zealand’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 ANZBGL New Zealand’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 ANZBGL New Zealand’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%
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 ANZBGL New Zealand should be considered as a best estimate within a range of possible estimates.
The table below illustrates the sensitivity of ANZBGL New Zealand’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$m
Collectively assessed ECL as at 31 March 2026 (refer to page 12) 733 -
If 1% of Stage 1 facilities were included in Stage 2 739 +6
If 1% of Stage 2 facilities were included in Stage 1 732 -1
100% upside scenario 282 -451
100% base scenario 353 -380
100% downside scenario 792 +59
100% severe downside scenario 1,699 +966
1.
There is an inverse and proportionate impact on profit or loss.
Individually assessed allowance for expected credit losses
In estimating individually assessed ECL, ANZBGL New Zealand makes judgements and assumptions in relation to expected repayments, the
realisable value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process.
Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties described
above and in Note 1 About our interim financial statements.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
Notes to the condensed consolidated inte
rim financial statements 15
6.Deposits and other borrowings
31 Mar 26 30 Sep 25
NZ$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
Borrowings from Ultimate Parent Bank and Immediate Parent Company
1
3,054 3,063
Deposits and other borrowings 160,175 156,172
1.
Includes borrowings from the Immediate Parent Company of NZ$1,766 million which is subordinated to the A$800 million perpetual subordinated debt issued by ANZ Holdings (New Zealand) Limited.
7.Debt issuances
ANZBGL New Zealand uses a variety of funding programmes to issue unsubordinated debt (including senior debt and covered bonds) and subordinated
debt. The difference between unsubordinated debt and subordinated debt is that, in a winding up of the issuer, holders of unsubordinated debt rank in
priority to holders of subordinated debt. S ubordinated debt will be repaid only after the repayment of claims of depositors and other creditors (including
holders of unsubordinated debt) of that issuer.
31 Mar 26 30 Sep 25
NZ$m NZ$m
Senior debt 14,700 12,020
Covered bonds 2,485 2,510
Total unsubordinated debt 17,185 14,530
Subordinated debt 3,303 3,236
Total debt issued 20,488 17,766
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.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 ANZBGL New Zealand 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 161,486 158,964 - - 161,486 158,964
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
12,163 11,446 - - 12,163 11,446
Investment securities
15,885 16,458 - - 15,885 16,458
Other financial assets
2
872 860 - - 872 860
Total other financial assets
53,877 47,232 201 130 53,676 47,102
Subtotal 215,363 206,196 201 130 215,162 206,066
Off-balance sheet positions
Undrawn and contingent facilities
3
31,959 30,059 - - 31,959 30,059
Total
247,322 236,255 201 130 247,121 236,125
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 ANZBGL New Zealand’s internal customer credit rating (CCR) to manage the credit quality of financial assets. To enable wider comparisons,
ANZBGL New Zealand’s CCRs are mapped to external rating agency scales as follows:
Credit quality
description
Internal CCR
ANZBGL New Zealand 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
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 82,931 1,220 - - 84,151
Satisfactory 62,144 5,032 - - 67,176
Weak 5,210 2,577 - - 7,787
Non-performing - - 1,118 383 1,501
Gross loans and advances at amortised cost 150,285 8,829 1,118 383 160,615
Allowance for ECL (218)(290)(89)(69)(666)
Net loans and advances at amortised cost 150,067 8,539 1,029 314 159,949
Coverage ratio 0.15% 3.28% 7.96% 18.02% 0.41%
Loans and advances at FVTPL 812
Unearned income (24)
Capitalised brokerage and other origination costs 749
Net carrying amount 161,486
As at 30 September 2025
Strong 79,775 1,316 - - 81,091
Satisfactory 61,428 5,577 - - 67,005
Weak 5,301 3,048 - - 8,349
Non-performing - - 1,244 369 1,613
Gross loans and advances at amortised cost 146,504 9,941 1,244 369 158,058
Allowance for ECL (188)(320)(96)(64)(668)
Net loans and advances at amortised cost 146,316 9,621 1,148 305 157,390
Coverage ratio 0.13% 3.22% 7.72% 17.34% 0.42%
Loans and advances at FVTPL 961
Unearned income (26)
Capitalised brokerage and other origination costs 639
Net carrying amount 158,964
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$m
Strong 25,740 185 - - 25,925
Satisfactory 4,736 847 - - 5,583
Weak 211 339 - - 550
Non-performing - - 27 13 40
Gross undrawn and contingent facilities 30,687 1,371 27 13 32,098
Allowance for ECL included in Other provisions (85)(47)(4)(3)(139)
Net undrawn and contingent facilities 30,602 1,324 23 10 31,959
Coverage ratio 0.28% 3.43% 14.81% 23.08% 0.43%
As at 30 September 2025
Strong 24,008 254 - - 24,262
Satisfactory 4,169 1,097 - - 5,266
Weak 223 403 - - 626
Non-performing - - 16 23 39
Gross undrawn and contingent facilities 28,400 1,754 16 23 30,193
Allowance for ECL included in Other provisions (70)(57)(3)(4)(134)
Net undrawn and contingent facilities 28,330 1,697 13 19 30,059
Coverage ratio 0.25% 3.25% 18.75% 17.39% 0.44%
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
18 Notes to the condensed consolidated interim financial statements
9.Fair value of financial assets and financial liabilities
Classification of financial assets and financial liabilities
ANZBGL New Zealand recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial
instruments on the Balance S heet at fair value.
Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
The following tables set out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts
as recognised on the Balance S heet.
31 Mar 26 30 Sep 25
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value Total
Note NZ$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 -4841,620 -1,620
Collateral paid
1,077 -1,0771,114 -1,114
Trading securities
-6,7496,749-6,3486,348
Derivative financial instruments
-12,16312,163-11,44611,446
Investment securities
-15,88515,885-16,45816,458
Net loans and advances 4
160,674 812 161,486158,003 961 158,964
Other financial assets
872 -872860 -860
Total
176,990 38,373 215,363 169,357 36,839 206,196
Financial liabilities
Settlement balances payable 6,557 -6,5574,597 -4,597
Collateral received
1,688 -1,6881,725 -1,725
Deposits and other borrowings 6
154,398 5,777 160,175148,652 7,520 156,172
Derivative financial instruments
-10,83610,836-10,19810,198
Debt issuances 7
20,488 -20,48817,766 -17,766
Other financial liabilities
931 303 1,2341,095 195 1,290
Total
184,062 16,916 200,978 173,835 17,913 191,748
Financial assets and financial liabilities measured at f air value
The fair valuation of financial assets and financial liabilities is generally determined at the individual instrument level.
If ANZBGL New Zealand 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. ANZBGL New Zealand 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
ANZBGL New Zealand 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 Fai
r value approach
Financial instruments classified as:
-Derivative financial assets and financial liabilitie
s
(
including trading and non-trading)
-Repurchase agreements less than 90 days
-Net loans and advances
-Deposits and other borrowing
s
-D
ebt 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.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
Notes to the condensed consolidated inte
rim financial statements 19
9.Fair value of financial assets and financial liabilities (continued)
Fair value hierarchy
ANZBGL New Zealand 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 12,144 11,442 1 2 12,163 11,446
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 19,931 17,290 7 8 38,373 36,839
Financial liabilities
Deposits and other borrowings - - 5,777 7,520 - - 5,777 7,520
Derivative financial instruments
4 43 10,832 10,155 - - 10,836 10,198
Other financial liabilities
302 195 1 - - - 303 195
Total
306 238 16,610 17,675 - - 16,916 17,913
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 ANZBGL New Zealand (September 2025: NZ$127 million) due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1, Level
2 and Level 3 during the period. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.
Financial assets and financial liabilities not measured at fair value
The financial assets and financial liabilities listed below are measured at amortised cost on ANZBGL New Zealand’s balance sheet. While this is the value at
which we expect the assets will be realised and the liabilities settled, ANZBGL New Zealand provides an estimate of the fair value of the financial assets
and financial liabilities at balance date in the table below.
Fair values of financial asset and financial liabilities carried at amortised cost not included in the table below approximate their carrying values. These
financial assets and financial liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near
the end of the reporting period.
Carrying amount in the Balance Sheet Fair value
31 Mar 26 30 Sep 25 31 Mar 26 30 Sep 25
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value Total Total Total
NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m NZ$m
Financial assets
Net loans and advances 160,674 812 161,486 158,003 961 158,964 161,524 159,608
Total
160,674 812 161,486 158,003 961 158,964 161,524 159,608
Financial liabilities
Deposits and other borrowings 154,398 5,777 160,175 148,652 7,520 156,172 160,221 156,485
Debt issuances
20,488 -20,48817,766 -17,76620,676 18,039
Total
174,886 5,777 180,663 166,418 7,520 173,938 180,897 174,524
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
20 Notes to the condensed consolidated interim financial statements
10. Commitments and contingent liabilities
Credit related commitments and contingencies
31 Mar 26 30 Sep 25
NZ$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 1,802
Total 32,098 30,193
ANZBGL New Zealand 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 ANZBGL New Zealand. 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 ANZBGL New Zealand.
Regulatory, customer and third party exposures
ANZBGL New Zealand 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. ANZBGL New Zealand also receives notices and requests for information from its regulators from time to time as part of both industry-wide and
ANZBGL New Zealand-specific reviews and makes disclosures to its regulators at its own instigation.
ANZBGL New Zealand’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
ANZBGL New Zealand 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 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.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
Limited assurance report
21
Independent Auditor’s Review Report
To the Directors of Australia and New Zealand Banking Group 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 the New Zealand business of Australia and New Zealand Banking Group Limited (ANZBGL)
and its subsidiaries (together, ANZBGL New Zealand) 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 ANZBGL New Zealand 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 ANZBGL New Zealand 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 ANZBGL New Zealand on normal terms within the ordinary course of trading activities of the business of
ANZBGL New Zealand. These matters have not impaired our independence as auditor of ANZBGL New Zealand. The firm has no other relationship
with, or interest in, ANZBGL New Zealand.
Use of this review report
This review report is made solely to the Directors of Australia and New Zealand Banking Group Limited. Our review work has been undertaken so that
we might state to the Directors of Australia and New Zealand Banking Group Limited 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 Directors
of Australia and New Zealand Banking Group Limited for our review work, this review report, or any of the conclusions we have formed.
Responsibilities of the Directors
The Directors, on behalf of ANZBGL New Zealand, are responsible for:
•the preparation and fair presentation of ANZBGL New Zealand interim financial statements in accordance with Clause 26 of the Registered Bank
Disclosure Statements (Overseas 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, ANZBGL New Zealand’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
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
22
Registered Bank Disclosures
This section contains the disclosures required by the Registered Bank Disclosure Statements
(Overseas 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. Credit and market risk exposures and capital adequacy Schedule 9 31
B5. Insurance business Schedule 12 31
Directors’ and New Zealand Chief Executive Officer’s statement 32
Limited assurance reports 33
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
R
egistered bank disclosures
23
B1. General disclosures
Guarantees
No material obligations of the NZ Branch are guaranteed as at 5 May 2026.
Changes in the Ultimate Parent Bank’s Board of Directors
Graham Hodges retired as an independent non-executive director on 8 April 2026. As at 5 May 2026, there have been no other changes to the Directors
of the Ultimate Parent Bank since 30 September 2025, the balance date of the last full year disclosure statement.
Auditors
KPMG, 18 Viaduct Harbour Avenue, Auckland, New Zealand.
Pending proceedings or arbitration
A description of any pending legal proceedings or arbitration concerning any member of ANZBGL New Zealand that may have a material adverse effect
on the NZ Branch or ANZBGL New Zealand is included in Note 10 Commitments and contingent liabilities.
Credit rating
The Ultimate Parent 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 Ultimate Parent Bank’s credit ratings are:
Rating agency Credit rating Qualification
S&P Global Ratings
AA- Outlook Stable
Fitch Ratings AA- Outlook Stable
Moody’s Investors Service
Aa2 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.
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 PPS are expected to progressively cease to qualify as tier 1
capital from December 2029. 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.
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.
Financial statements of the Ultimate Parent Bank and Overseas Banking Group
Copies of the most recent publicly available financial statements of the Ultimate Parent Bank and Overseas Banking Group will be provided immediately,
free of charge, to any person requesting a copy where request is made at the Registered Office. The most recent publicly available financial statements
for the Ultimate Parent Bank and Overseas Banking Group can also be accessed at anz.com/shareholder/centre/.
Other information
The depositor compensation scheme protects up to NZ$100,000 per eligible depositor per deposit taker, in the event of a deposit taker failure. It is to be
funded by levies collected from deposit takers, including the Bank, and commenced on 1 July 2025. For more information about the scheme, please refer
to RBNZ’s website at www.rbnz.govt.nz/dcs.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
24 Registered bank disclosures
B2. Additional financial disclosures
Additional information on the balance sheet
As at 31 March 2026 NZ$m
Total interest earning and discount bearing assets 201,369
Total interest and discount bearing liabilities 166,940
Total amounts due from related entities 10,330
Total amounts due to related entities 11,932
Total liabilities of the NZ Branch less amounts due to related entities 4
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 ANZBGL New Zealand derivatives are executed. The following disclosures exclude these balances.
In the normal course of business, ANZBGL New Zealand enters into transactions where it pledges or transfers financial assets directly to third parties.
These transfers may result in ANZBGL New Zealand fully, or partially, derecognising those financial assets - depending on ANZBGL New Zealand’s
exposure to the risks and rewards or control over the transferred assets. If ANZBGL New Zealand retains substantially all of the risks and rewards of a
transferred asset, the transfer does not qualify for derecognition and the asset remains on ANZBGL New Zealand’s balance sheet in its entirety, with a
corresponding liability recognised for proceeds from the transfer.
Covered bonds
ANZBGL New Zealand 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 ANZBGL New Zealand 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. ANZBGL New Zealand 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).
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
R
egistered 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
917 33 695 1,645
Finance and insurance services
2,077 12,686 1,738 16,501
Rental, hiring & real estate services
38,416 1,335 1,791 41,542
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
88,977 342 14,826 104,145
All other New Zealand residents
1
1,160 67 1,373 2,600
Subtotal
159,149 30,919 31,805 221,873
Overseas
Finance and insurance services 59 22,529 293 22,881
Households
1,560 6 -1,566
All other non-N
ew Zealand residents 659 222 -881
Subtotal
2,278 22,757 293 25,328
Gross subtotal 161,427 53,676 32,098 247,201
Allowance for ECL (666) - (139)(805)
Subtotal 160,761 53,676 31,959 246,396
Unearned income (24) - - (24)
Capitalised brokerage and other origination costs 749 - - 749
Maximum exposure to credit risk
161,486 53,676 31,959 247,121
1.
Other includes exposures to information media and telecommunications, education and training; arts and recreation services; and other services.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 20,488
Certificates of deposit
2,165
Commercial paper
2,548
Other borrowings
6,415
Total wholesale funding
31,616
Total deposits and wholesale funding 180,663
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-N
ew Zealand residents 649
Subtotal
11,098
Total customer deposits 149,047
Wholesale funding (financial and insurance services industry)
New Zealand 6,469
Overseas
25,147
Total wholesale funding
31,616
Total deposits and wholesale funding 180,663
Concentrations of funding by geography
New Zealand 144,418
Australia
4,831
United States
14,086
Europe
9,267
Other countries
8,061
Total deposits and wholesale funding
180,663
1.
Other includes electricity, gas, water and waste services; information media and telecommunications; and education and training.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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 ANZBGL New Zealand'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 12,163 - - - - - 12,163
Investment securities 15,885 354 - 344 2,046 13,135 6
Net loans and advances 161,486 69,865 18,291 33,977 29,085 10,141 127
Other financial assets 872 - - - - - 872
Total financial assets 215,363 88,478 18,794 34,763 32,330 27,004 13,994
Liabilities
Settlement balances payable 6,557 2,987 - - - - 3,570
Collateral received 1,688 1,688 - - - - -
Deposits and other borrowings 160,175 103,876 18,887 10,879 4,036 3,574 18,923
Derivative financial instruments 10,836 - - - - - 10,836
Debt issuances 20,488 4,387 1,583 1,472 5,635 7,411 -
Lease liabilities 222 13 13 26 51 119 -
Other financial liabilities 1,012 303 - - - - 709
Total financial liabilities 200,978 113,254 20,483 12,377 9,722 11,104 34,038
Hedging instruments - 6,287 6,385 2,695 (12,471) (2,896) -
Interest sensitivity gap 14,385 (18,489) 4,696 25,081 10,137 13,004 (20,044)
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 ANZBGL New Zealand may pay. The amounts represent principal and interest cash flows – so
they may differ from equivalent amounts reported o n 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 2,960 - - - 6,577
Collateral received - 1,688 - - - 1,688
Deposits and other borrowings 86,818 35,665 30,770 7,539 10,403 171,195
Derivative financial liabilities (trading) - 10,815 - - - 10,815
Debt issuances
1
- 1,797 3,737 17,215 - 22,749
Lease liabilities - 15 45 144 51 255
Other financial liabilities - 208 6 183 238 635
Derivative financial instruments (balance sheet management)
- gross inflows - (341) 3,283 7,066 744 10,752
- gross outflows - 242 (3,451) (7,379) (849) (11,437)
1.
Any callable wholesale debt instruments have been included at their next call date.
At 31 March 2026, NZ$32,098 million of its credit related commitments and contingent liabilities mature in less than 1 year, based on the earliest date on
which ANZBGL New Zealand may be required to pay.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
28 Registered bank disclosures
B2. Additional financial disclosures (continued)
Liquidity portfolio management
ANZBGL New Zealand holds a diversified portfolio of cash and high quality securities primarily to support liquidity risk management. The size of ANZBGL
New Zealand’s liquidity portfolio is determined with consideration of the amount required to meet the requirements of its internal and regulatory liquidity
scenario metrics.
As at 31 March 2026
NZ$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 ANZBGL New Zealand’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 Officia
l
C
ash 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$1,000 million drawn). These amounts are included in securities sold under repurchase agreements in Note 6
Deposits and other borrowings.
Overseas Banking Group profitability and size
31 Mar 26
Net profit for the six months ended 31 March 2026 (A$m)
1
3,651
Net profit after tax for the 12 months ended 31 March 2026 as a percentage of average total assets 0.45%
Total assets (A$m) 1,314,328
Percentage change in total assets in the 12 months to 31 March 2026 0.87%
1.
Net profit after tax for the period includes A$20 million of profit attributable to non-controlling interests.
Reconciliation of mortgage related amounts
As at 31 March 2026 Note NZ$m
Term loans - housing
1
4 118,855
Less: housing loans made to corporate customers (1,589)
On-balance sheet residential mortgage exposures (per LVR analysis) B4 117,266
Add: off-balance sheet residential mortgage exposures (per LVR analysis) B4 10,718
Total residential mortgage exposures (per LVR analysis) B4 127,984
1.
Term loans – housing includes loans secured over residential property for owner-occupier, residential property investment and business purposes.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand 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
Gross loans and advances at amortised cost
As at 1 October 2025 146,504 9,941 1,244 369 158,058
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 (21,649) (1,616) (222) (97) (23,584)
Deletions (22,016) (2,194) (235) (97) (24,542)
Amounts written off - - - (22) (22)
As at 31 March 2026 150,285 8,829 1,118 383 160,615
Loss allowance as at 31 March 2026 218 290 89 69 666
Off-balance sheet credit related commitments
As at 1 October 2025 28,400 1,754 16 23 30,193
Net transfers into each stage 145 21 15 - 181
New and increased facilities and drawn amounts repaid 7,078 195 3 4 7,280
Additions 7,223 216 18 4 7,461
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$3 million (0.4%)
increase in loss allowances was primarily driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected
credit losses, partially offset by a decrease in the proportion of gross balances in Stage 2 and Stage 3; and a release of management temporary
adjustments.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
30 Registered bank disclosures
B3. Asset quality (continued)
Past due assets and other asset quality information
Total
As at 31 March 2026 NZ$m
Past due assets
Less than 30 days past due 973
At least 30 days but less than 60 days past due 441
At least 60 days but less than 90 days past due 243
At least 90 days past due 894
Total past due but not individually impaired 2,551
Other asset quality information
Undrawn facilities with individually impaired customers 13
Other assets under administration 2
Asset quality for financial assets designated at fair value
ANZBGL New Zealand has no financial assets designated at FVTPL where changes in fair value are attributable to the credit risk of the financial asset.
Overseas Banking Group asset quality
As at 31 Mar 26
Individually impaired assets (A$m) 1,105
Individually impaired assets as a percentage of total assets 0.1%
Individual credit impairment allowance (A$m)
395
Individual credit impairment allowance as a percentage of individually impaired assets
35.7%
Collective credit impairment allowance (A$m)
4,453
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand unaudited
R
egistered bank disclosures
31
B4. Credit and market risk exposures and capital adequacy
APRA Basel III capital ratios
Overseas Banking Group
Ultimate Parent Bank
(Extended Licensed Entity)
As at
31 Mar 26 31 Mar 25 31 Mar 26 31 Mar 25
Common equity tier 1 capital 12.4% 11.8% 12.9% 12.0%
Tier 1 capital 14.0% 13.4% 14.7% 13.9%
Total capital 21.2% 20.4% 23.1% 22.1%
The Ultimate Parent Bank and the Overseas Banking Group are required to hold minimum capital as determined by APRA’s capital framework, which is at
least equal to that specified under the internationally agreed Basel III framework.
APRA has authorised the Ultimate Parent Bank and the Overseas Banking Group to use:
•the Internal Ratings Based (IRB) methodology for calculation of credit risk weighted assets. Where the Overseas Banking Group is not accredited to
use
the IRB methodology the Overseas Banking Group applies the standardised approach.
•the Standardised Measurement Approach (SMA) for the operational risk weighted asset equivalent.
The Overseas Banking Group exceeded the minimum capital requirements set by APRA as at 31 March 2026 and for the comparative prior periods.
The Overseas Banking Group is required to publicly disclose Pillar 3 financial information as at 31 March 2026. The Overseas Banking Group’s Pillar 3
disclosure document for the quarter ended 31 March 2026, in accordance with APS 330: Public Disclosure of Prudential Information, discloses capital
adequacy ratios and other prudential information. This document can be accessed at the website anz.com.
Market risk
ANZBGL New Zealand’s aggregate market risk exposures below have been calculated in accordance with the RBNZ document BPR140: Market Risk. The
peak end-of-day market risk exposures are for the six months ended 31 March 2026.
Implied risk
weighted exposure
Notional capital
charge
Period end Peak Period end Peak
As at 31 March 2026 NZ$m NZ$m NZ$m NZ$m
Interest rate risk 7,287 8,054 583 644
Foreign currency risk 76 88 6 7
Equity risk 6 6 - -
Additional mortgage information
As required by RBNZ, LVRs are calculated as the current exposure secured by a residential mortgage divided by ANZBGL New Zealand's valuation of the
security property at origination of the exposure. Off-balance sheet exposures include undrawn and partially drawn residential mortgage loans as well as
commitments to lend. Commitments to lend are formal offers for housing lending which have been accepted by the customer.
On-balance
sheet
Off-balance
sheet Total
As at 31 March 2026 NZ$m NZ$m NZ$m
LVR range
Does not exceed 60% 54,629 7,616 62,245
Exceeds 60% and not 70% 22,030 1,325 23,355
Exceeds 70% and not 80% 29,122 1,381 30,503
Does not exceed 80% 105,781 10,322 116,103
Exceeds 80% and not 90% 10,027 286 10,313
Exceeds 90% 1,458 110 1,568
Total 117,266 10,718 127,984
B5. Insurance business
As at 31 March 2026, ANZBGL New Zealand does not conduct any insurance business.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
32
Directors' and New Zealand Chief Executive Officer's Statement
As at the date on which this Disclosure Statement is signed, after due enquiry, each Director of the Ultimate Parent Bank and the Chief Executive Officer –
NZ Branch believes that:
•The Disclosure Statement contains all the information that is required by the Registered Bank Disclosure Statements (Overseas 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 of the Ultimate Parent Bank and the Chief Executive Officer – NZ Branch
believes that:
•The Ultimate Parent Bank has complied in all material respects with each condition of registration that applied during that period
1
; and
•The NZ Branch and the Bank had systems in place to monitor and control adequately the material risks of Relevant Members of ANZBGL New Zealand
including credit risk, concentration of credit risk, interest rate risk, currency risk, equity risk, liquidity risk and other business risks, and that those
systems were being properly applied.
1.
I n accordance with the Order, Australia and New Zealand Banking Group Limited – ANZBGL New Zealand has complied in all material respects with each of its conditions of registration that applied during
the period if RBNZ has not published any information about a breach on its website, and has not notified Australia and New Zealand Banking Group Limited – ANZBGL New Zealand of any material breach.
Si
gned by the Chief Executive Officer – NZ Branch
S
am Forgie
Chief Executive Officer – NZ Branch
5 May 2026
S
igned on behalf of all the Directors of the Ultimate Parent Bank
A
ntonia Watson
Responsible Person
5 May 2026
o
n behalf of the Directors of the Ultimate Parent Bank:
John Cincotta
Alison Gerry
Richard Gibb
Holly Kramer
Nuno Matos
Christine O’Reilly
Paul O’Sullivan
Jeff Smith
Scott St John
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
Limited assurance report
33
Independent Auditor’s Review Report
To the Directors of Australia and New Zealand Banking Group Limited
Report on the Registered Bank Disclosures in sections B2, B3 and B5 of the Disclosure Statement
Conclusion
We have completed a review of the accompanying registered bank disclosures of the New Zealand business of Australia and New Zealand Banking
Group Limited (ANZBGL) and its subsidiaries (together, ANZBGL New Zealand) in sections B2, B3 and B5 on pages 24 to 31 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, 12 and 14 of Registered Bank Disclosure Statements (Overseas 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 and B5 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 and B5 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 ANZBGL New Zealand 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 ANZBGL New Zealand 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 ANZBGL New Zealand on normal terms within the ordinary course of trading activities of the business of ANZBGL New
Zealand. These matters have not impaired our independence as auditor of ANZBGL New Zealand. The firm has no other relationship with, or interest
in, ANZBGL New Zealand.
Use of this review report
This review report is made solely to the Directors of Australia and New Zealand Banking Group Limited. Our review work has been undertaken so that
we might state to the Directors of Australia and New Zealand Banking Group Limited 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 Directors
of Australia and New Zealand Banking Group Limited for our review work, this review report, or any of the conclusions we have formed.
Responsibilities of the Directors
The Directors, on behalf of ANZBGL New Zealand, are responsible for:
•the preparation and fair presentation of ANZBGL New Zealand registered bank disclosures in sections B1, B2, B3 and B5 of the Disclosure
Statement in accordance with Schedules 3, 5, 7, 12 and 14 of the Order; and
•implementing necessary internal control to enable the preparation of the registered bank disclosures in sections B1, B2, B3 and B5 of th
e
Disclosure 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 and B5 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 and B5 of the Disclosure Statement does not fairly state, in all material respects, the matters to which they relate, in
accordance with Schedules 5, 7, 12 and 14 of the Order.
A review of the registered bank disclosures in sections B2, B3 and B5 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 and B5 of the
Disclosure Statement.
For and on behalf of:
K
PMG
Wellington
5 May 2026
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
34 Limited assurance report
Independent Limited Assurance Report
To the Directors of Australia and New Zealand Banking Group Limited
Report on the information relating to credit and market risk exposures and capital adequacy
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 credit and market risk exposures and capital adequacy of the New Zealand business of
Australia and New Zealand Banking Group Limited (ANZBGL) and its subsidiaries (together, ANZBGL New Zealand), disclosed in section B4 on page
31 of the Disclosure Statement, is not, in all material respects, disclosed in accordance with Schedule 9 of the Registered Bank Disclosure Statements
(Overseas Incorporated Registered Banks) Order 2014 (as amended) (the Order).
Information subject to assurance
We have reviewed the information relating to credit and market risk exposures and capital adequacy, as disclosed in section B4 of the Disclosure
Statement for the six months ended 31 March 2026.
Our conclusion on credit and market risk exposures and capital adequacy does not extend to any other information included, or referred to, in the
Disclosure Statement.
Criteria
The information relating to credit and market risk exposures and capital adequacy comprises the information that is required to be disclosed in
accordance with Schedule 9 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 credit and market risk exposures and capital adequacy 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 credit and market risk exposures and capital adequacy.
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 9 of
the Order will continue in the future.
Use of this assurance report
Our report is made solely for Australia and New Zealand Banking Group Limited’s Directors. Our assurance work has been undertaken so that we
might state to Australia and New Zealand Banking Group Limited’s Directors 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 Australia and New Zealand Banking Group Limited and
Australia and New Zealand Banking Group Limited’s Directors 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 Australia and New Zealand Banking Group Limited and Australia
and New Zealand Banking Group Limited’s Directors 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 Australia and New Zealand Banking Group Limited are responsible for the compliance activities undertaken to meet their identified
compliance requirements and disclosure of the information relating to credit and market risk exposures and capital adequacy in accordance with
Schedule 9 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 credit and market risk exposures and capital adequacy that is free from material
misstatement and non-compliance whether due to fraud or error.
Australia and New Zealand Banking Group Limited - ANZBGL New Zealand
Limited assurance report
35
Our responsibility
We have responsibility for:
•planning and performing the engagement to obtain limited assurance about whether the supplementary information relating to credit and market risk
exposures and capital adequacy 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 Directors of Australia and New Zealand Banking Group Limited.
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 9 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 credit and mark
et
r
isk exposures and capital adequacy, 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 credit
and market risk exposures and capital adequacy;
•performed inquiry and analytical review procedures over credit and market risk exposures and capital adequacy;
•obtained an understanding of ANZBGL’s compliance framework and internal control environment over the information relating to credit and market risk
exposures and capital adequacy, including ANZBGL’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 credit and market risk exposures and capital adequacy, extracted from ANZBGL’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 ANZBGL New Zealand 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 ANZBGL New Zealand on normal terms within the ordinary course of trading activities of the business of ANZBGL New
Zealand. These matters have not impaired our independence as auditor of ANZBGL New Zealand. The firm has no other relationship with, or interest
in, ANZBGL New Zealand.
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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