ANZ profit falls; mortgages sold to new branch

ANZ's net profit fell 27.2% to $278 million for the three months compared with the same period a year earlier while charges for impaired loans jumped by $191 million from December 31. Profit for the six months ended March was down 29.5% to $488 million while charges for impaired loans for the six months totalled $285 million.

The bank's latest general disclosure statement (GDS) also shows its mortgage book apparently fell by $4.5 billion to $45.16 billion between December and March.

But the bank established a New Zealand branch in January, separate from its New Zealand subsidiary, and the subsidiary sold the branch $4.88 billion worth of mortgages on February 27.

Adding those mortgages back, suggests ANZ's total mortgage book grew by about $360 million in the three months. The exact figures won't be available until the GDS for the new branch is published - it has to be published by June 30.