New Zealand's biggest lender, ANZ National Bank, has felt the effect of a slowing economy, after making a flat annual profit of $1.2 billion in the year to September.
The Australian-owned bank says the performance reflects a two speed economy: a strong performance from its rural and market trading arms offset its weaker retail mortgage business as households struggled with higher interest rates and surging cost of living.
The bank also increased provisions for bad debts fourfold to $286 million.
