- NZ’s banking companies contribute significantly to the nation's economy.
- ANZ Group pays 72.0 cps as an interim dividend.
- Heartland Group Holdings completes StockCo Australia's acquisition.
New Zealand boasts of being home to some of the largest and most famous banks across the world, offering a huge portfolio of innovative financial products and services to their customers, including institutional, business, consumer banking as well as wealth management services.
As per reports, banks directly contributed NZ$8.52 billion to the NZ economy in 2021 and provided employment opportunities to around 27,000 Kiwis.
As the global economy continues to be impacted by the pandemic, NZ banks have demonstrated resilience and remain committed to supporting Kiwi households and businesses.
With this overview, this article talks about the three NZX banking stocks.
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Australia and New Zealand Banking Group Limited is one of the largest banking and financial services companies across NZ with Melbourne as its headquarters.
Recently, the Bank’s Chairman, Paul O’Sullivan, in his message for 1H22, stated that ANZ’s statutory NPAT grew 10% to $3,530 million during the period, delivering good growth across all its product lines, particularly its home loan business. It paid an interim dividend worth 72.0 cps, inconsistent with 2H21, to its shareholders.
It continues to focus on its diversified portfolio and is committed to creating additional value for its investors over time.
At the closing bell on 4 July, Australia and New Zealand Banking Group gained 0.86% to NZ$24.650.
Offering a range of innovative financial products, Westpac Banking Corporation, has a market cap of nearly NZ$76 billion.
The Bank and its trustee, BT Funds, have signed a deal with Mercer to integrate BT's personal and corporate superannuation funds with the latter. Also, WBC will sell its business related to Advance Asset Management to Mercer Australia, as per the agreement.
The said move is in line with Westpac’s business strategy on the Group’s simplification and supporting its focus on banking across Australasia.
At the closing bell on 4 July, Westpac Banking was up 1.40% to NZ$21.800.
Heartland Group Holdings Limited is another financial services group and the largest reverse mortgage provider across NZ, having over NZ$1 billion as its market cap.
The Company revealed StockCo Australia’s acquisition completion for a total consideration of AU$154.4 million.
The said acquisition is a key milestone for HGH, aligned with its growth and expansion strategy, and the Company aims to build StockCo Australia as the leading provider of specialist livestock finance for sheep and cattle farmers across Australia.
At the closing bell on 4 July, Heartland Group Holdings jumped 3.14% to NZ$1.970.
NZ banking companies are focused on providing quality services to their customers and, at the same time, remain committed to enhancing their shareholders' wealth.