PHOTO: One commentator says the bank is making three times as much as all supermarkets combined, warranting a Government inquiry. FILE
One of New Zealand’s biggest banks has posted a massive profit to the tune of nearly $2 billion dollars, up 44% year on year.
ANZ said it was driven by record demand in the housing market combined with a stronger than ever economy.
Economist Bernard Hickey says the massive profit highlights the major reliance on the housing as an investment for Kiwis, adding that it’s resulted in a “housing market with bits tacked on”.
He told Breakfast that ANZ’s lending in the last financial quarter was made up of roughly 70 per cent of lending dedicated for housing loans.
“We really don’t have an economy, we’ve got a housing market with bits tacked on… everywhere we look it seems to always be about housing and it is the same with this banking story.
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