ANZ, WBC, HGH: Here's why these NZX banking stocks have been in news

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ANZ, WBC, HGH: Here's why these NZX banking stocks have been in news

banking stocks
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Highlights

  • New Zealand may witness a significant drop in house prices next year
  • Australia and New Zealand Banking Group releases a disclosure statement and the auditor's review report
  • Westpac Banking releases its latest Independent Reviewer report on plans related to risk governance

Two of the country's leading banks, Westpac and ASB, have anticipated a fall of 20% in NZ house prices over the next year.

The said drop is expected to be the biggest drop since the 1970s as New Zealand is witnessing a slowdown in its house prices amid the global financial crisis.

It is pointed out that prior to this, the Kiwi nation was plagued by years of a runaway housing market, with cities like Auckland and Wellington touted as some of the most expensive property markets across the globe.

Higher mortgage rates, stricter credit conditions, and an increased supply of new homes, are being attributed as the chief reasons behind the receding house prices, cite the economists.

In the light of the given backdrop, let us skim through the latest updates from the three NZX-listed banking stocks.

NZ banking stocks- ANZ, WBC, HGH

Source: © Sashkinw | Megapixl.com

Australia and New Zealand Banking Group Limited (NZX:ANZ; ASX:ANZ)

Australia and New Zealand Banking Group Limited a few days ago released its registered bank disclosure statement for the half-year period ended 31 March 2022, giving details about its interim financial statements like Income Statement, Balance Sheet, Cash Flow Statement, and the auditor’s review report as well.

Must Read: From WBC, FPH to AIA: Know about NZ’s largest companies by market cap

It is noted that the said statements have been approved for distribution by the Bank's Continuous Disclosure Committee.

Westpac Banking Corporation (NZX:WBC; ASX:WBC)

Coming up next is Westpac Banking Corporation, which is Australia’s first bank to offer a wide range of innovative financial packages to its customers.

Related Read: PFI, WBC, KMD: 3 dividend stocks to watch out for in coming weeks

Tuesday, the Bank revealed its latest Independent Reviewer reports pertaining to the progress of its Integrated Plan for improving risk governance and accountability for the quarters ended December 2021 and March 2022.

It is noted that the said reports give insights on the assessment of WBC’s Integrated Plan, which comprises 82 deliverables with 343 activities. As of March 2022, 157 activities have been assessed as complete and effective, while the assessment of the remaining activities is underway.

WBC continues to focus on sustainable change in managing its risks so as to deliver better outcomes to its customers.

Heartland Group Holdings Limited (NZX:HGH; ASX:HGH)

Last on the list is Heartland Group Holdings Limited, offering finance-related services across New Zealand and Australia.

Recently, it had announced that its subsidiary, Heartland Australia, has completed bond issuance worth AU$115 million, which will refinance Heartland Australia’s existing AU$100 million Medium-Term Note, i.e., MTN, maturing in May 2022.

Also Read: 10 best dividend stocks listed on NZX that can be considered in 2022

Moreover, it will provide additional funding for strengthening the growth of HGH’s Australian businesses.

Bottom Line

NZ authorities are making continuous efforts to make affordable housing accessible to first-time homebuyers as well as others.

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