# ANZ Bank New Zealand Limited
Annual Report and Registered Bank Disclosure Statement
For the year ended 30 September 2025

# Contents
Annual report 2
Glossary 2
Disclosure Statement
Financial Statements 3
Consolidated financial statements 4
Notes to the consolidated financial statements 8
Independent auditor’s report 68
Registered Bank Disclosures 74
Directors' statement 110
Assurance reports 111

# Annual Report
For the year ended 30 September 2025

Pursuant to section 211(3) of the Companies Act 1993, the shareholder of the Bank has agreed that the Annual Report of the Banking Group need not comply with any of the paragraphs (a), and (e) to (j) of subsection (1) and subsection (2) of section 211.

Accordingly, there is no information to be provided in this Annual Report other than the financial statements for the year ended 30 September 2025 and the assurance report on those financial statements.

The Bank is a climate reporting entity and is required to annually prepare group climate statements under the Financial Markets Conduct Act 2013 and the Aotearoa New Zealand Climate Standards. The Banking Group’s climate statement for the financial year ending 30 September 2025 will be accessible at the website anz.co.nz/about-us/corporate-responsibility/environment/ no later than 31 January 2026.

For and on behalf of the Board of Directors:

Scott St John, Chair, 7 November 2025
Antonia Watson, Executive Director, 7 November 2025

# Glossary
In this Registered Bank Disclosure Statement (Disclosure Statement) unless the context otherwise requires:

- Bank means ANZ Bank New Zealand Limited.
- Banking Group, We or Our means the Bank and all its controlled entities.
- Immediate Parent Company means ANZ Holdings (New Zealand) Limited.
- Ultimate Non-Bank Holding Company, ANZGHL means ANZ Group Holdings Limited.
- ANZ Group means the worldwide operations of ANZGHL including its controlled entities.
- Ultimate Parent Bank, ANZBGL means Australia and New Zealand Banking Group Limited.
- Overseas Banking Group means the worldwide operations of the Ultimate Parent Bank including its controlled entities.
- New Zealand business means all business, operations, or undertakings conducted in or from New Zealand identified and treated as if it were conducted by a company formed and registered in New Zealand.
- NZ Branch means the New Zealand business of the Ultimate Parent Bank.
- ANZBGL New Zealand means the New Zealand business of the Overseas Banking Group.
- ANZ New Zealand means the New Zealand business of the ANZ Group.
- Registered office and address for service is Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland, New Zealand.
- RBNZ means the Reserve Bank of New Zealand.
- APRA means the Australian Prudential Regulation Authority.
- Order means the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014.

Any term or expression which is defined in, or in the manner prescribed by, the Order shall have the meaning given in or prescribed by the Order.

# Financial Statements
## Contents
### Consolidated Financial Statements
- Income Statement 4
- Statement of Comprehensive Income 4
- Balance Sheet 5
- Cash Flow Statement 6
- Statement of Changes in Equity 7

### Notes to the Consolidated Financial Statements
- **Basis of preparation**
  - 1. About our financial statements 8
- **Financial performance**
  - 2. Operating income 10
  - 3. Operating expenses 12
  - 4. Income tax 13
  - 5. Dividends 14
  - 6. Segment reporting 15
- **Financial assets**
  - 7. Cash and cash equivalents 16
  - 8. Trading securities 17
  - 9. Derivative financial instruments 18
  - 10. Investment securities 23
  - 11. Net loans and advances 24
  - 12. Allowance for expected credit losses 25
- **Financial liabilities**
  - 13. Deposits and other borrowings 31
  - 14. Debt issuances 32
- **Financial instrument disclosures**
  - 15. Financial risk management 34
  - 16. Fair value of financial assets and financial liabilities 47
  - 17. Offsetting 50
- **Non-financial assets**
  - 18. Goodwill and other intangible assets 51
- **Non-financial liabilities**
  - 19. Other provisions 55
- **Equity**
  - 20. Shareholders’ equity 56
  - 21. Capital management 58
- **Consolidation and presentation**
  - 22. Controlled entities 60
  - 23. Structured entities 61
  - 24. Assets pledged, collateral accepted, and financial assets transferred 63
- **Other disclosures**
  - 25. Related party disclosures 64
  - 26. Commitments and contingent liabilities 66
  - 27. Auditor fees 67
- **Independent auditor’s report** 68

# Income Statement

| For the year ended 30 September | Note | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- | :--- |
| Interest income | | 10,532 | 11,914 |
| Interest expense | | (5,880) | (7,512) |
| **Net interest income** | 2 | **4,652** | **4,402** |
| Other operating income | 2 | 902 | 480 |
| **Operating income** | | **5,554** | **4,882** |
| Operating expenses | 3 | (1,812) | (1,760) |
| **Profit before credit impairment and income tax** | | **3,742** | **3,122** |
| Credit impairment release/(charge) | 12 | 25 | (44) |
| **Profit before income tax** | | **3,767** | **3,078** |
| Income tax expense | 4 | (1,053) | (870) |
| **Profit for the year** | | **2,714** | **2,208** |

# Statement of Comprehensive Income

| For the year ended 30 September | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Profit for the year | 2,714 | 2,208 |
| **Other comprehensive income** | | |
| **Items that will not be reclassified subsequently to profit or loss** | | |
| Actuarial gain on defined benefit schemes | 18 | 3 |
| **Items that may be reclassified subsequently to profit or loss** | | |
| Reserve movements: | | |
| Unrealised gains recognised directly in equity | 149 | 164 |
| Realised gains transferred to the income statement | (4) | (2) |
| Income tax attributable to the above items | (45) | (46) |
| **Total comprehensive income for the year** | **2,832** | **2,327** |

# Balance Sheet

| As at 30 September | Note | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- | :--- |
| **Assets** | | | |
| Cash and cash equivalents | 7 | 9,386 | 11,634 |
| Settlement balances receivable | | 1,620 | 574 |
| Collateral paid | | 1,114 | 1,041 |
| Trading securities | 8 | 6,348 | 5,576 |
| Derivative financial instruments | 9 | 11,449 | 10,181 |
| Investment securities | 10 | 16,458 | 13,295 |
| Net loans and advances | 11 | 158,683 | 151,666 |
| Deferred tax assets | 4 | 392 | 418 |
| Goodwill and other intangible assets | 18 | 3,100 | 3,094 |
| Premises and equipment | | 324 | 363 |
| Other assets | | 1,115 | 1,334 |
| **Total assets** | | **209,989** | **199,176** |
| **Liabilities** | | | |
| Settlement balances payable | | 4,614 | 5,367 |
| Collateral received | | 1,725 | 525 |
| Deposits and other borrowings | 13 | 153,282 | 142,645 |
| Derivative financial instruments | 9 | 10,408 | 11,179 |
| Current tax liabilities | | 357 | 279 |
| Payables and other liabilities | | 1,559 | 2,415 |
| Employee entitlements | | 122 | 121 |
| Other provisions | 19 | 225 | 212 |
| Debt issuances | 14 | 17,799 | 17,623 |
| **Total liabilities** | | **190,091** | **180,366** |
| **Net assets** | | **19,898** | **18,810** |
| **Shareholders' equity** | | | |
| Share capital | 20 | 17,680 | 17,680 |
| Reserves | 20 | 129 | 24 |
| Retained earnings | 20 | 2,089 | 1,106 |
| **Total shareholders' equity** | 20 | **19,898** | **18,810** |

# Cash Flow Statement

| For the year ended 30 September | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Profit for the year | 2,714 | 2,208 |
| Adjustments to reconcile to net cash provided by/(used in) operating activities: | | |
| Depreciation and amortisation | 103 | 109 |
| Impairment of premises and equipment and lease remeasurements | 5 | 1 |
| Net derivatives/foreign exchange adjustment | (842) | 713 |
| Other non-cash movements | (171) | (88) |
| Net (increase)/decrease in operating assets: | | |
| Collateral paid | (73) | (240) |
| Trading securities | (772) | 345 |
| Net loans and advances | (7,017) | (2,345) |
| Other assets | (801) | (352) |
| Net increase/(decrease) in operating liabilities: | | |
| Deposits and other borrowings (excluding items included in financing activities) | 12,200 | 2,087 |
| Settlement balances payable | (753) | 2,447 |
| Collateral received | 1,200 | (975) |
| Other liabilities | (745) | 660 |
| Total adjustments | 2,334 | 2,362 |
| **Net cash provided by operating activities** | **5,048** | **4,570** |
| **Cash flows from investing activities** | | |
| Investment securities: | | |
| Purchases | (4,839) | (4,297) |
| Proceeds from sale or maturity | 2,212 | 2,905 |
| Other assets | (48) | (35) |
| **Net cash used in investing activities** | **(2,675)** | **(1,427)** |
| **Cash flows from financing activities** | | |
| Deposits and other borrowings | (1,563) | (1,072) |
| Debt issuances: | | |
| Issue proceeds | 1,689 | 1,707 |
| Redemptions | (2,955) | (3,250) |
| Proceeds from issue of perpetual preference shares | - | 1,138 |
| Redemption of perpetual preference shares | - | (300) |
| Repayment of lease liabilities | (48) | (50) |
| Dividends paid | (1,744) | (2,776) |
| **Net cash used in financing activities** | **(4,621)** | **(4,603)** |
| **Net change in cash and cash equivalents** | **(2,248)** | **(1,460)** |
| **Cash and cash equivalents at beginning of year** | **11,634** | **13,094** |
| **Cash and cash equivalents at end of year** | **9,386** | **11,634** |

# Statement of Changes in Equity

| | Share capital NZ$m | Reserves NZ$m | Retained earnings NZ$m | Total shareholders' equity NZ$m |
| :--- | :--- | :--- | :--- | :--- |
| **As at 1 October 2023** | 12,438 | (93) | 6,076 | 18,421 |
| Profit or loss for the year | - | - | 2,208 | 2,208 |
| Other comprehensive income for the year | - | 117 | 2 | 119 |
| **Total comprehensive income for the year** | - | 117 | 2,210 | 2,327 |
| **Transactions with equity holders in their capacity as equity owners:** | | | | |
| Ordinary shares issued | 4,400 | - | - | 4,400 |
| Ordinary shares dividends paid | - | - | (7,125) | (7,125) |
| Perpetual preference shares issued (net of issue costs) | 1,142 | - | (4) | 1,138 |
| Perpetual preference shares redeemed | (300) | - | - | (300) |
| Perpetual preference shares dividends paid | - | - | (51) | (51) |
| **As at 30 September 2024** | 17,680 | 24 | 1,106 | 18,810 |
| Profit or loss for the year | - | - | 2,714 | 2,714 |
| Other comprehensive income for the year | - | 105 | 13 | 118 |
| **Total comprehensive income for the year** | - | 105 | 2,727 | 2,832 |
| **Transactions with equity holders in their capacity as equity owners:** | | | | |
| Ordinary shares dividends paid | - | - | (1,650) | (1,650) |
| Perpetual preference shares dividends paid | - | - | (94) | (94) |
| **As at 30 September 2025** | 17,680 | 129 | 2,089 | 19,898 |

# 1. About our financial statements
## General information
These are the consolidated financial statements for ANZ Bank New Zealand Limited (the Bank) and its controlled entities (together, the Banking Group) for the year ended 30 September 2025. The Bank is incorporated and domiciled in New Zealand. The address of the Bank's registered office and its principal place of business is Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland, New Zealand.

On 7 November 2025, the Directors resolved to authorise the issue of these financial statements.

Information in the financial statements is included only to the extent we consider it material and relevant to the understanding of the financial statements.

## Basis of preparation
These financial statements are general purpose (Tier 1) financial statements prepared by a ‘for profit’ entity, in accordance with the requirements of the Financial Markets Conduct Act 2013. These financial statements comply with:
- New Zealand Generally Accepted Accounting Practice (NZ GAAP), as defined in the Financial Reporting Act 2013;
- New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for publicly accountable for-profit entities; and
- International Financial Reporting Standards (IFRS).

We present the financial statements of the Banking Group in New Zealand dollars, which is the Banking Group’s functional and presentation currency. We have rounded values to the nearest million dollars (NZ$m), unless otherwise stated.

## Basis of measurement and presentation
The financial information has been prepared on a historical cost basis - except the following assets and liabilities which we have stated at their fair value:
- derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
- financial instruments held for trading;
- financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and
- financial assets at fair value through other comprehensive income (FVOCI).

## Basis of consolidation
The consolidated financial statements of the Banking Group comprise the financial statements of the Bank and all its subsidiaries. An entity, including a structured entity, is considered a subsidiary of the Banking Group when we determine that the Banking Group has control over the entity.

# 1. About our financial statements (continued)
## Fiduciary activities
The Banking Group provides fiduciary services to third parties including custody, nominee and trustee services. This involves the Banking Group holding assets on behalf of third parties and making decisions regarding the purchase and sale of financial instruments. If the Banking Group is not the beneficial owner or does not control the assets, then we do not recognise these transactions in these financial statements, except when required by accounting standards or another legislative requirement.

> ### Key judgements and estimates
> In the process of applying the Banking Group’s accounting policies, management has made a number of judgements and applied estimates and assumptions about past and future events. Further information on the key judgements and estimates that we consider material to the financial statements are contained within each relevant note to the financial statements.
>
> The global economy continues to face challenges reflecting the impacts of global uncertainties from continuing trade and geopolitical tensions, and impacts from climate change, which contribute to an elevated level of estimation uncertainty involved in the preparation of these financial statements.
>
> The Banking Group is exposed to climate risk either directly through its operations or indirectly, for example, through lending to customers. Climate risk may also be a driver of other risks within our risk management framework. Our most material climate risks arise from lending to business and retail customers, which contribute to credit risk.
>
> The Banking Group made various accounting estimates in these financial statements based on forecasts of economic conditions which reflect expectations and assumptions at 30 September 2025 about future events considered reasonable in the circumstances. Thus, there is a considerable degree of judgement involved in preparing these estimates. Actual economic conditions are likely to be different from those forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact accounting estimates included in these financial statements. The significant accounting estimates impacted by these forecasts and associated uncertainties are predominantly related to expected credit losses and recoverable amounts of non-financial assets.

## Accounting standards adopted in the period
Accounting policies have been consistently applied, unless otherwise noted.

### Lease Liability in a Sale and Leaseback
Amendments to New Zealand Accounting Standards – *Lease Liability in a Sale and Leaseback* amends NZ IFRS 16 *Leases* and specifies the accounting for variable lease payments by seller-lessees in sale and leaseback transactions. The amendment was effective from 1 October 2024 and did not have a material impact on the Banking Group.

## Accounting standards not early adopted
### NZ IFRS 18 Presentation and Disclosure in Financial Statements
In May 2024, the External Reporting Board (XRB) issued NZ IFRS 18 *Presentation and Disclosure in Financial Statements* (NZ IFRS 18) which updates and replaces requirements for the presentation and disclosure of information in financial statements. This standard will be effective for the financial year beginning 1 October 2027. We are currently assessing the impact of adopting this standard.

### Classification and measurement amendments to NZ IFRS 9 Financial Instruments
In June 2024, the XRB issued *Amendments to the Classification and Measurement of Financial Instruments* which amends requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance and similar features. The amendments will be effective for the financial year beginning 1 October 2026. We are currently assessing the impact of adopting this standard.

### Nature dependent electricity contracts
In May 2025, the XRB issued *Amendments to NZ IFRS 9 Financial Instruments and NZ IFRS 7 Financial Instruments: Disclosures – Contracts Referencing Nature Dependent Electricity* which enhances guidance on the application of the ‘own use’ exemption on nature dependent power purchase agreements (PPAs) and hedge accounting requirements for PPAs that are classified as derivative financial instruments. The amendments will be effective for the financial year beginning 1 October 2026. We are currently assessing the impact of adopting these amendments.

# 2. Operating income

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| **Net interest income** | | |
| **Interest income by type of financial asset** | | |
| Financial assets at amortised cost | 9,707 | 11,226 |
| Trading securities | 231 | 249 |
| Investment securities | 542 | 409 |
| Financial assets at FVTPL | 52 | 30 |
| **Interest income** | **10,532** | **11,914** |
| **Interest expense by type of financial liability** | | |
| Financial liabilities at amortised cost | (5,709) | (7,284) |
| Financial liabilities designated at FVTPL | (171) | (228) |
| **Interest expense** | **(5,880)** | **(7,512)** |
| **Net interest income** | **4,652** | **4,402** |
| **Other operating income** | | |
| **Fee and commission income** | | |
| Lending fees | 21 | 19 |
| Non-lending fees | 713 | 715 |
| Commissions | 28 | 29 |
| Funds management income | 244 | 246 |
| Fee and commission income | 1,006 | 1,009 |
| Fee and commission expense | (523) | (515) |
| **Net fee and commission income** | **483** | **494** |
| **Other income** | | |
| Net foreign exchange earnings and other financial instruments income$^{1}$ | 408 | (26) |
| Adjustment to gain on sale of UDC Finance Ltd | - | 2 |
| Gain on sale of premises and equipment | - | 1 |
| Other | 11 | 9 |
| **Other income** | **419** | **(14)** |
| **Other operating income** | **902** | **480** |
| **Operating income** | **5,554** | **4,882** |

$^{1}$ Includes fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges entered into to manage interest rate and foreign exchange risk, ineffective portions of cash flow hedges, and fair value movements in financial assets and liabilities at FVTPL.

# 2. Operating income (continued)
## Recognition and measurement
### Net interest income
**Interest income and expense**
We recognise interest income and expense in net interest income for all financial instruments, including those classified as held for trading, assets measured at FVOCI, and assets and liabilities designated at FVTPL. We use the effective interest rate method to calculate the amortised cost of assets held at amortised cost and to recognise interest income on financial assets measured at amortised cost and FVOCI. The effective interest rate is the rate that discounts the stream of estimated future cash receipts or payments over the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or liability. For assets subject to prepayment, we determine their expected life on the basis of historical behaviour of the particular asset portfolio taking into account contractual obligations and prepayment experience.

We recognise fees and costs, which form an integral part of the financial instrument (for example loan origination fees and costs), using the effective interest rate method. These are presented as part of interest income or expense depending on whether the underlying financial instrument is a financial asset or financial liability.

### Other operating income
**Fee and commission income**
We recognise fee and commission revenue arising from contracts with customers (a) over time when the performance obligation is satisfied across more than one reporting period, or (b) at a point in time when the performance obligation is satisfied immediately or is satisfied within one reporting period.
- **lending fees** exclude fees treated as part of the effective yield calculation of interest income. Lending fees include certain guarantee and commitment fees where the loan or guarantee is not likely to be drawn upon, and other fees charged for providing customers a distinct good or service that are recognised separately from the underlying lending product.
- **non-lending fees** include fees associated with deposit and credit card accounts, interchange fees and fees charged for specific customer transactions such as international transaction fees. Where the Banking Group provides multiple goods or services to a customer under the same contract, the Banking Group allocates the transaction price of the contract to distinct performance obligations based on the relative stand-alone selling price of each performance obligation. Revenue is recognised as each performance obligation is satisfied.
- **commissions** represent fees from third parties where we act as an agent by arranging a third party (such as an insurance provider) to provide goods and services to a customer. In such cases, we are not primarily responsible for providing the underlying good or service to the customer. If the Banking Group collects funds on behalf of a third party when acting as an agent, we only recognise the net commission retained as revenue. When the commission is variable based on factors outside our control (such as a trail commission), revenue is only recognised if it is highly probable that a significant reversal of the variable amount will not be required in future periods.
- **funds management income** represents fees earned from customers for providing financial advice and asset management services. Revenue is recognised either at the point the financial advice is provided or over the period in which the asset management services are delivered.

**Net foreign exchange earnings and other financial instruments income**
We recognise the following as net foreign exchange earnings and other financial instruments income:
- exchange rate differences arising on the settlement of monetary items and translation differences on monetary items translated at rates different to those at which they were initially recognised;
- fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges that we use to manage interest rate and foreign exchange risk on funding instruments;
- the ineffective portions of fair value hedges and cash flow hedges;
- immediately upon sale or repayment of a hedged item, the unamortised fair value adjustments to items designated as fair value hedges and amounts accumulated in equity related to designated cash flow hedges;
- fair value movements on financial assets and financial liabilities at FVTPL or held for trading;
- amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and
- the gain or loss on derecognition of financial assets or liabilities measured at amortised cost.

# 3. Operating expenses

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Personnel | 1,104 | 1,090 |
| Premises | 137 | 133 |
| Technology | 275 | 257 |
| Other | 296 | 280 |
| **Operating expenses** | **1,812** | **1,760** |

## Operating expenses
Operating expenses are recognised as services are provided to the Banking Group, over the period in which an asset is consumed, or once a liability is created.

**Salaries and related costs - annual leave, long service leave and other employee benefits**
Wages and salaries, annual leave and other employee entitlements expected to be paid or settled within twelve months of employees rendering service are measured at their nominal amounts using remuneration rates that the Banking Group expects to pay when the liabilities are settled.

We accrue employee entitlements relating to long service leave using an actuarial calculation. It includes assumptions regarding staff departures, leave utilisation and future salary increases. The result is then discounted using market yields at the reporting date. The market yields are determined from a blended rate of government bonds with terms to maturity that closely match the estimated future cash outflows.

If we expect to pay short term cash bonuses, then a liability is recognised when the Banking Group has a present legal or constructive obligation to pay this amount (as a result of past service provided by the employee) and the obligation can be reliably measured.

# 4. Income tax

## Income tax expense

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| **Profit before income tax** | **3,767** | **3,078** |
| Prima facie income tax expense at 28% | 1,055 | 862 |
| Tax effect of permanent differences: | | |
| Tax provisions no longer required | (1) | - |
| Non-assessable income and non-deductible expenditure | - | 8 |
| Income tax over provided in previous years | (1) | - |
| **Income tax expense** | **1,053** | **870** |

## Deferred tax assets and liabilities

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| **Net deferred tax assets** | 392 | 418 |
| **Net deferred tax liabilities** | - | - |

# 4. Income tax (continued)
## Recognition and measurement
**Income tax expense**
Income tax expense comprises both current and deferred taxes and is based on the accounting profit adjusted for differences in the accounting and tax treatments of income and expenses (that is, taxable income). We recognise tax expense in profit or loss except when the tax relates to items recognised directly in equity and other comprehensive income, in which case we recognise the tax directly in equity or other comprehensive income respectively.

**Current tax expense**
Current tax expense is the tax we expect to pay on taxable income for the year, based on tax rates (and tax laws) which are enacted at the reporting date. We recognise current tax as a liability (or asset) to the extent that it is unpaid (or refundable).

**Deferred tax assets and liabilities**
We account for deferred tax using the balance sheet method. Deferred tax arises because the accounting income is not always the same as the taxable income. This creates temporary differences, which usually reverse over time. Until they reverse, we recognise a deferred tax asset, or liability, on the balance sheet. We measure deferred taxes at the tax rates that we expect will apply to the period(s) when the asset is realised, or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

We offset current and deferred tax assets and liabilities only to the extent that:
- they relate to income taxes imposed by the same taxation authority;
- there is a legal right and intention to settle on a net basis; and
- it is allowed under the tax law of the relevant jurisdiction.

> Judgement is required in determining provisions held in respect of uncertain tax positions. The Banking Group estimates its tax liabilities based on its understanding of the relevant law and seeks independent advice where appropriate.

# 5. Dividends
## Ordinary share dividends
Dividends determined by the Bank’s Board are recognised with a corresponding reduction of retained earnings on the dividend payment date.

| Dividends | Amount per share | Total dividend NZ$m |
| :--- | :--- | :--- |
| **Financial Year 2024** | | |
| Dividend paid in March 2024 | 17.7 cents | 1,125 |
| Dividend paid in June 2024 | 12.4 cents | 900 |
| Dividend paid in August 2024 | 32.6 cents | 3,500 |
| Dividend paid in September 2024 | 14.9 cents | 1,600 |
| **Dividends paid during the year ended 30 September 2024** | | **7,125** |
| **Financial Year 2025** | | |
| Dividend paid in March 2025 | 6.5 cents | 700 |
| Dividend paid in September 2025 | 8.8 cents | 950 |
| **Dividends paid during the year ended 30 September 2025** | | **1,650** |

## Imputation credit account

| | Banking Group 2025 NZ$m | Banking Group 2024 NZ$m | Bank 2025 NZ$m | Bank 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- |
| Imputation credits available as at 30 September | 9,756 | 8,951 | 1,168 | 830 |

# 6. Segment reporting
## Description of segments
The Banking Group is organised into three major business segments for segment reporting purposes - Personal, Business & Agri and Institutional. Centralised back office and corporate functions support these segments. These segments are consistent with internal reporting provided to the chief operating decision maker, being the Bank’s Chief Executive Officer (CEO).

- **Personal** provides a full range of banking and wealth management services to consumer and private banking customers.
- **Business & Agri** provides a full range of banking services for privately owned small and medium enterprises, and the agricultural business segment.
- **Institutional** services government and government-related entities, global institutional and corporate customers via Transaction Banking, Corporate Finance, and Markets.
- **Other** includes treasury and back office support functions.

## Operating segments

| | Personal 2025 | Personal 2024 | Business & Agri 2025 | Business & Agri 2024 | Institutional 2025 | Institutional 2024 | Other 2025 | Other 2024 | Total 2025 | Total 2024 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **Year ended 30 September** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** | **NZ$m** |
| Net interest income | 2,585 | 2,380 | 959 | 1,013 | 763 | 753 | 345 | 256 | 4,652 | 4,402 |
| Net fee and commission income | 379 | 386 | 44 | 47 | 62 | 63 | (2) | (2) | 483 | 494 |
| Other operating income | 3 | - | (1) | - | 204 | 242 | 213 | (256) | 902 | 480 |
| **Operating income** | **2,967** | **2,766** | **1,002** | **1,060** | **1,029** | **1,058** | **556** | **(2)** | **5,554** | **4,882** |
| Operating expenses | (1,235) | (1,213) | (299) | (276) | (255) | (248) | (23) | (23) | (1,812) | (1,760) |
| **Profit/(loss) before credit impairment and income tax** | **1,732** | **1,553** | **703** | **784** | **774** | **810** | **533** | **(25)** | **3,742** | **3,122** |
| Credit impairment release/(charge) | (10) | 17 | 30 | (47) | 5 | (14) | - | - | 25 | (44) |
| **Profit/(loss) before income tax** | **1,722** | **1,570** | **733** | **737** | **779** | **796** | **533** | **(25)** | **3,767** | **3,078** |
| Income tax expense | (482) | (442) | (205) | (207) | (218) | (223) | (148) | 2 | (1,053) | (870) |
| **Profit/(loss) after income tax** | **1,240** | **1,128** | **528** | **530** | **561** | **573** | **385** | **(23)** | **2,714** | **2,208** |

## Other segment
The Other segment profit/(loss) after income tax comprises:

| For the year ended 30 September | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Personal and Business & Agri central functions | (2) | 6 |
| Group Centre | 233 | 156 |
| Economic hedges | 154 | (185) |
| **Total** | **385** | **(23)** |

# Financial assets
Outlined below is a description of how we classify and measure financial assets.

## Classification and measurement
**Financial assets - general**
There are three measurement classifications for financial assets under NZ IFRS 9: amortised cost, FVTPL and FVOCI. Financial assets are classified into these measurement classifications on the basis of two criteria:
- the business model within which the financial asset is managed; and
- the contractual cash flow characteristics of the financial asset (specifically whether the contractual cash flows represent solely payments of principal and interest).

- **Amortised cost**: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business model whose objective is to collect their cash flows;
- **FVOCI**: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business model whose objective is to collect their cash flows or to sell the assets; and
- **FVTPL**: Any other financial assets not falling into the categories above are measured at FVTPL.

**Fair value option for financial assets**
A financial asset may be irrevocably designated on initial recognition at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or at FVOCI for investments in equity securities, where that instrument is neither held for trading nor contingent consideration recognised by an acquirer in a business combination.

# 7. Cash and cash equivalents

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Coins, notes and cash at bank | 130 | 149 |
| Reverse repurchase agreements | 2,026 | 1,762 |
| Balances with central banks | 6,949 | 9,451 |
| Balances with other banks and other cash equivalents | 281 | 272 |
| **Cash and cash equivalents** | **9,386** | **11,634** |

# 8. Trading securities

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Government securities | 5,520 | 4,869 |
| Corporate and financial institution securities | 828 | 707 |
| **Trading securities** | **6,348** | **5,576** |

## Recognition and measurement
Trading securities are financial instruments we either acquire principally for the purpose of selling in the short-term; or hold as part of a portfolio we manage for short-term profit making. We recognise purchases and sales of trading securities on trade date. Initially, we measure them at fair value; and subsequently, we measure them in the Balance Sheet at their fair value with any change in fair value recognised in profit or loss.

> Judgement is required when applying the valuation techniques used to determine the fair value of trading securities not valued using quoted market prices.

# 9. Derivative financial instruments

| Fair value | Assets 2025 NZ$m | Liabilities 2025 NZ$m | Assets 2024 NZ$m | Liabilities 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- |
| Derivative financial instruments - held for trading | 11,435 | (10,390) | 10,151 | (11,172) |
| Derivative financial instruments - designated in hedging relationships | 14 | (18) | 30 | (7) |
| **Derivative financial instruments** | **11,449** | **(10,408)** | **10,181** | **(11,179)** |

## Derivative financial instruments – held for trading

| Fair value | Assets 2025 NZ$m | Liabilities 2025 NZ$m | Assets 2024 NZ$m | Liabilities 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- |
| **Interest rate contracts** | | | | |
| Forward rate agreements | 5 | (4) | - | - |
| Futures contracts | 2 | (43) | 3 | (70) |
| Swap agreements | 5,163 | (5,032) | 3,915 | (3,940) |
| Options | 2 | (1) | 1 | (1) |
| **Total** | **5,172** | **(5,080)** | **3,919** | **(4,011)** |
| **Foreign exchange contracts** | | | | |
| Spot and forward contracts | 1,770 | (1,471) | 2,356 | (2,954) |
| Swap agreements | 4,431 | (3,776) | 3,797 | (4,127) |
| Options | 15 | (14) | 33 | (33) |
| **Total** | **6,216** | **(5,261)** | **6,186** | **(7,114)** |
| Commodity contracts and credit default swaps | 47 | (49) | 46 | (47) |
| **Derivative financial instruments - held for trading** | **11,435** | **(10,390)** | **10,151** | **(11,172)** |

# 9. Derivative financial instruments (continued)
## Derivative financial instruments – designated in hedging relationships

| | Nominal amount 2025 NZ$m | Assets 2025 NZ$m | Liabilities 2025 NZ$m | Nominal amount 2024 NZ$m | Assets 2024 NZ$m | Liabilities 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Fair value hedges: Interest rate swap agreements | 30,979 | 2 | (11) | 28,106 | 18 | (2) |
| Cash flow hedges: Interest rate swap agreements | 27,754 | 12 | (7) | 30,383 | 12 | (5) |
| **Derivative financial instruments - designated in hedging relationships** | **58,733** | **14** | **(18)** | **58,489** | **30** | **(7)** |

## Maturity profile of hedging instruments

| Nominal amount | Average rate | Less than 3 months NZ$m | 3 to 12 months NZ$m | 1 to 5 years NZ$m | After 5 years NZ$m | Total NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **As at 30 September 2025** | | | | | | |
| Fair value hedges: Interest rate | 2.28% | - | 2,001 | 19,500 | 9,478 | 30,979 |
| Cash flow hedges: Interest rate | 3.97% | 6,128 | 8,044 | 12,849 | 733 | 27,754 |

## Impacts of hedge ineffectiveness

| | Change in value of hedging instrument 2025 NZ$m | Change in value of hedging instrument 2024 NZ$m | Change in value of hedged item 2025 NZ$m | Change in value of hedged item 2024 NZ$m | Hedge ineffectiveness recognised in profit or loss 2025 NZ$m | Hedge ineffectiveness recognised in profit or loss 2024 NZ$m | Amount reclassified from cash flow hedge reserve 2025 NZ$m | Amount reclassified from cash flow hedge reserve 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Fair value hedges: Interest rate | (1,291) | (65) | 1,293 | 68 | 2 | 3 | - | - |
| Cash flow hedges: Interest rate | 126 | 149 | (126) | (150) | - | - | (3) | (1) |

# 9. Derivative financial instruments (continued)

## Hedged items in fair value hedges

| As at 30 September 2025 | Balance Sheet presentation | Hedged risk | Carrying amount Assets NZ$m | Carrying amount Liabilities NZ$m | Accumulated fair value hedge adjustments Assets NZ$m | Accumulated fair value hedge adjustments Liabilities NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Fixed rate debt issuance | Debt issuances | Interest rate | - | (15,456) | - | 321 |
| Fixed rate investment securities at FVOCI | Investment securities | Interest rate | 15,576 | - | 420 | - |
| **Total** | | | **15,576** | **(15,456)** | **420** | **321** |

## Hedged items in cash flow hedges

| Hedged risk | Continuing hedges 2025 NZ$m | Continuing hedges 2024 NZ$m | Discontinued hedges 2025 NZ$m | Discontinued hedges 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- |
| Floating rate loans and advances: Interest rate | 269 | 186 | 17 | - |
| Floating rate customer deposits: Interest rate | (91) | (114) | - | - |

# 10. Investment securities

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Debt securities | 16,452 | 13,290 |
| Equity securities | 6 | 5 |
| **Total** | **16,458** | **13,295** |

## Maturity profile of investment securities

| | Less than 3 months NZ$m | 3 to 12 months NZ$m | 1 to 5 years NZ$m | After 5 years NZ$m | No maturity NZ$m | Total NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **As at 30 September 2025** | 177 | 271 | 11,531 | 4,473 | 6 | 16,458 |

# 11. Net loans and advances

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Overdrafts | 1,149 | 1,091 |
| Credit cards | 1,230 | 1,243 |
| Term loans - housing | 115,835 | 110,807 |
| Term loans - non-housing | 40,524 | 38,755 |
| **Gross subtotal** | **158,738** | **151,896** |
| Unearned income | (26) | (21) |
| Capitalised brokerage and other origination costs | 639 | 516 |
| **Gross loans and advances** | **159,351** | **152,391** |
| Allowance for expected credit losses | (668) | (725) |
| **Net loans and advances** | **158,683** | **151,666** |

# 12. Allowance for expected credit losses

| | Collectively assessed 2025 NZ$m | Individually assessed 2025 NZ$m | Total 2025 NZ$m | Collectively assessed 2024 NZ$m | Individually assessed 2024 NZ$m | Total 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Net loans and advances at amortised cost | 604 | 64 | 668 | 661 | 64 | 725 |
| Off-balance sheet commitments | 130 | 4 | 134 | 133 | 3 | 136 |
| **Total** | **734** | **68** | **802** | **794** | **67** | **861** |

## Movement in allowance for ECL - Net loans and advances at amortised cost

| | Stage 1 NZ$m | Stage 2 NZ$m | Stage 3 Collectively assessed NZ$m | Stage 3 Individually assessed NZ$m | Total NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- |
| **As at 30 September 2024** | 187 | 370 | 104 | 64 | 725 |
| Transfer between stages | 58 | (58) | (2) | 2 | - |
| New and increased provisions (net) | (57) | 8 | (6) | 94 | 39 |
| Write-backs | - | - | - | (53) | (53) |
| Bad debts written-off | - | - | - | (47) | (47) |
| Discount unwind | - | - | - | 4 | 4 |
| **As at 30 September 2025** | **188** | **320** | **96** | **64** | **668** |

# 13. Deposits and other borrowings

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Term deposits | 60,808 | 59,308 |
| On demand and short term deposits | 65,405 | 60,983 |
| Deposits not bearing interest | 17,329 | 15,872 |
| **Total customer deposits** | **143,542** | **136,163** |
| Certificates of deposit | 882 | 1,174 |
| Commercial paper | 4,165 | 1,419 |
| Securities sold under repurchase agreements | 4,520 | 3,750 |
| Deposits from Immediate Parent Company and NZ Branch | 173 | 139 |
| **Deposits and other borrowings** | **153,282** | **142,645** |

# 14. Debt issuances

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Senior debt | 12,020 | 12,349 |
| Covered bonds | 2,510 | 2,156 |
| **Total unsubordinated debt** | **14,530** | **14,505** |
| Subordinated debt: | | |
| - Additional tier 1 capital | 938 | 938 |
| - Tier 2 capital | 2,331 | 2,180 |
| **Total subordinated debt** | **3,269** | **3,118** |
| **Total debt issued** | **17,799** | **17,623** |

# 15. Financial risk management

| Material financial risks | Key sections applicable to this risk |
| :--- | :--- |
| **Credit risk** | Credit risk overview, management and control responsibilities, Maximum exposure to credit risk, Credit quality, Concentrations of credit risk, Collateral management |
| **Market risk** | Market risk overview, management and control responsibilities, Measurement of market risk, Traded and non-traded market risk, Foreign currency risk – structural exposure |
| **Liquidity and funding risk** | Liquidity risk overview, management and control responsibilities, Key areas of measurement for liquidity risk, Liquidity portfolio management, Funding position, Residual contractual maturity analysis of the Banking Group’s liabilities |

# 16. Fair value of financial assets and financial liabilities
## Classification of financial assets and financial liabilities

| | At amortised cost 2025 NZ$m | At fair value 2025 NZ$m | Total 2025 NZ$m | At amortised cost 2024 NZ$m | At fair value 2024 NZ$m | Total 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **Financial assets** | | | | | | |
| Cash and cash equivalents | 7,760 | 1,626 | 9,386 | 10,590 | 1,044 | 11,634 |
| Settlement balances receivable | 1,620 | - | 1,620 | 574 | - | 574 |
| Collateral paid | 1,114 | - | 1,114 | 1,041 | - | 1,041 |
| Trading securities | - | 6,348 | 6,348 | - | 5,576 | 5,576 |
| Derivative financial instruments | - | 11,449 | 11,449 | - | 10,181 | 10,181 |
| Investment securities | - | 16,458 | 16,458 | - | 13,295 | 13,295 |
| Net loans and advances | 157,722 | 961 | 158,683 | 151,666 | - | 151,666 |
| Other financial assets | 860 | - | 860 | 1,113 | - | 1,113 |
| **Total** | **169,076** | **36,842** | **205,918** | **164,984** | **30,096** | **195,080** |

# 17. Offsetting

| As at 30 September 2025 | Total amounts recognised in the Balance Sheet NZ$m | Amounts not subject to master netting agreement or similar NZ$m | Total NZ$m | Financial instruments NZ$m | Financial collateral (received)/pledged NZ$m | Net amount NZ$m |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Derivative financial assets | 11,449 | (1,526) | 9,923 | (8,144) | (717) | 1,062 |
| Reverse repurchase agreements | 2,987 | - | 2,987 | - | (2,987) | - |
| **Total financial assets** | **14,436** | **(1,526)** | **12,910** | **(8,144)** | **(3,704)** | **1,062** |
| Derivative financial liabilities | (10,408) | 1,076 | (9,332) | 8,144 | 434 | (754) |
| Repurchase agreements | (4,520) | - | (4,520) | - | 4,520 | - |
| **Total financial liabilities** | **(14,928)** | **1,076** | **(13,852)** | **8,144** | **4,954** | **(754)** |

# 18. Goodwill and other intangible assets

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Goodwill | 3,006 | 3,006 |
| Software | 27 | 19 |
| Management rights | 67 | 69 |
| **Goodwill and other intangible assets** | **3,100** | **3,094** |

# 19. Other provisions

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| ECL allowance on undrawn and contingent facilities | 134 | 136 |
| Customer remediation | 39 | 24 |
| Restructuring costs | 15 | 8 |
| Leasehold make good | 21 | 22 |
| Other | 16 | 22 |
| **Total other provisions** | **225** | **212** |

# 20. Shareholders' equity

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Share capital | 17,680 | 17,680 |
| Reserves | 129 | 24 |
| Retained earnings | 2,089 | 1,106 |
| **Total shareholders' equity** | **19,898** | **18,810** |

# 21. Capital management
## Capital adequacy ratios

| | 2025 | 2024 |
| :--- | :--- | :--- |
| Common equity tier 1 | 12.9% | 12.6% |
| Tier 1 | 15.3% | 15.1% |
| Tier 2 | 2.1% | 2.1% |
| **Total** | **17.4%** | **17.2%** |

# 22. Controlled entities
The following table lists the subsidiaries of the Banking Group. All subsidiaries are 100% owned and incorporated in New Zealand unless stated otherwise.

| Name | Nature of business |
| :--- | :--- |
| ANZ Bank New Zealand Limited | Registered bank |
| ANZ Custodial Services New Zealand Limited | Custodian and nominee |
| ANZ Investment Services (New Zealand) Limited | Funds management |
| ANZ National Staff Superannuation Limited | Staff superannuation scheme trustee |
| ANZ New Zealand (Int'l) Limited | Finance |
| ANZ New Zealand Investments Holdings Limited | Holding company |
| ANZ New Zealand Investments Limited | Funds management |
| OneAnswer Nominees Limited | Wrap services provider |
| ANZNZ Covered Bond Trust | Securitisation entity |
| Arawata Assets Limited | Property |
| Endeavour Finance Limited | Investment |
| Kingfisher NZ Trust 2008-1 | Securitisation entity |

# 23. Structured entities
The Banking Group's involvement with Structured Entities (SEs) includes:
- **Securitisation**: The Banking Group uses the Kingfisher NZ Trust 2008-1 to securitise residential mortgages for RBNZ repo eligibility.
- **ANZNZ Covered Bond Trust**: Used for the issuance of covered bonds.
- **Structured finance arrangements**: Involves structured lending transactions and structured leasing transactions.
- **Funds management activities**: The Banking Group acts as scheme manager for a number of Managed Investment Schemes (MIS).

# 24. Assets pledged, collateral accepted, and financial assets transferred

| | Covered bonds 2025 NZ$m | Covered bonds 2024 NZ$m | Repurchase agreements 2025 NZ$m | Repurchase agreements 2024 NZ$m |
| :--- | :--- | :--- | :--- | :--- |
| Current carrying amount of assets transferred | 9,995 | 10,563 | 4,947 | 4,327 |
| Carrying amount of associated liabilities | 2,510 | 2,156 | 4,520 | 3,750 |

# 25. Related party disclosures
Key management personnel compensation:
- 2025: NZ$18.208 million
- 2024: NZ$17.957 million

# 26. Commitments and contingent liabilities

| | 2025 NZ$m | 2024 NZ$m |
| :--- | :--- | :--- |
| Undrawn facilities | 26,964 | 25,759 |
| Guarantees and letters of credit | 1,427 | 1,232 |
| Performance related contingencies | 1,859 | 1,656 |
| **Total** | **30,250** | **28,647** |

# 27. Auditor fees

| | 2025 NZ$000 | 2024 NZ$000 |
| :--- | :--- | :--- |
| Total fees relating to the Banking Group | 3,136 | 3,712 |
| Total fees relating to unconsolidated SEs managed by the Banking Group | 1,484 | 1,250 |
| **Total KPMG fees** | **4,620** | **4,962** |

# Independent Auditor’s Report
To the shareholder of ANZ Bank New Zealand Limited.

The audit team identified the following Key Audit Matters:
- Allowance for expected credit losses
- Valuation of financial instruments
- Information technology systems and controls
- Carrying amount of goodwill

# B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios (unaudited)

## RBNZ capital ratios

| As at | RBNZ minimum 2025 | RBNZ minimum 2024 | Banking Group 2025 | Banking Group 2024 | Bank (Solo) 2025 | Bank (Solo) 2024 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Common equity tier 1 | 4.5% | 4.5% | 12.9% | 12.6% | 12.7% | 12.4% |
| Tier 1 | 7.0% | 7.0% | 15.3% | 15.1% | 15.1% | 14.9% |
| Total capital | 9.0% | 9.0% | 17.4% | 17.2% | 17.2% | 17.0% |

# B4. Capital adequacy (continued)
## Total capital requirements of the Banking Group

| As at 30 September 2025 | Total exposure after credit risk mitigation NZ$m | Risk weighted exposure NZ$m | Total capital requirement NZ$m |
| :--- | :--- | :--- | :--- |
| Exposures subject to internal ratings based approach | 178,906 | 71,257 | 6,413 |
| Specialised lending exposures subject to the slotting approach | 10,230 | 9,861 | 888 |
| Exposures subject to the standardised approach | 38,558 | 5,099 | 459 |
| Output floor balancing item | n/a | 5,330 | 480 |
| **Total credit risk** | **227,694** | **91,547** | **8,240** |
| Market risk | n/a | 6,381 | 574 |
| Operational risk | n/a | 12,480 | 1,123 |
| **Total** | **n/a** | **110,408** | **9,937** |

# B4. Capital adequacy (continued)
## Standardised equivalents of IRB risk weighted assets

| | 2025 % | 2024 % | 2023 % |
| :--- | :--- | :--- | :--- |
| Total capital ratio | 17.4 | 17.2 | 15.5 |
| Total capital ratio recalculated as if the Bank were not an IRB bank | 15.5 | 15.4 | 14.4 |
| Actual average risk weight for all modelled credit risk exposures | 42.9 | 42.2 | 49.5 |
| Standardised equivalent average risk weight for all modelled credit risk exposures | 57.7 | 57.5 | 58.8 |

# B5. Concentration of credit exposures to individual counterparties

| | As at 30 Sep 25 | Peak end of day over 6 months to 30 Sep 25 |
| :--- | :--- | :--- |
| **Exposures to banks** | - | - |
| **Exposures to non-banks** | 2 | 2 |

# B6. Credit exposures to connected persons

| | Connected persons Amount NZ$m | Connected persons % of tier 1 capital | Non-bank connected persons Amount NZ$m | Non-bank connected persons % of tier 1 capital |
| :--- | :--- | :--- | :--- | :--- |
| **As at 30 September 2025** | | | | |
| Gross amount, before netting | 17,873 | 105.6% | 14 | 0.1% |
| Amount netted | 13,053 | 77.1% | - | 0.0% |
| **Aggregate credit exposure** | **4,820** | **28.5%** | **14** | **0.1%** |

# B8. Risk management policies

| Risk type | Description | Managing the risk |
| :--- | :--- | :--- |
| **Capital adequacy risk** | Risk of loss arising from the Banking Group failing to maintain the level of capital required by prudential regulators. | Active Capital Management approach through review and Board approval of capital base composition. |
| **Credit risk** | Risk of financial loss from counterparty failure to fulfill obligations or a decrease in credit quality. | Top-down credit framework defined by principles, policies and requirements across the credit life cycle. |
| **Liquidity and funding risk** | Risk that the Banking Group is unable to meet its payment obligations as they fall due. | Top-down liquidity framework defined by principles and policies with liquidity limits based on stress testing. |
| **Market risk** | Risk of loss from fluctuations in interest rates, foreign exchange rates, credit spreads, volatility, etc. | Detailed risk management and control framework, including value at risk and interest rate sensitivities. |
| **Strategic risk** | Risk of being prevented from achieving key strategic goals due to ineffective strategic choices. | Discussed and managed by the New Zealand Leadership Team through the strategic planning process. |
| **Climate risk** | Physical and transition risks arising from climate change. | Integration and embedding of climate risk within our RMF. |
| **Non-financial risk (operational risk)** | Risk of loss resulting from inadequate or failed internal processes, people, systems and/or data. | Evolving NFR management through the NFR Framework based on the ORX taxonomy. |

# Directors' Statement
As at the date on which this Disclosure Statement is signed, after due enquiry, each Director believes that:
- The Disclosure Statement contains all the information that is required by the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014; and
- The Disclosure Statement is not false or misleading.

Over the year ended 30 September 2025, after due enquiry, each Director believes that:
- ANZ Bank New Zealand Limited has complied in all material respects with each condition of registration that applied during that period;
- Credit exposures to connected persons were not contrary to the interests of the Banking Group; and
- Except as noted in the ‘Ultimate Parent Bank enforceable undertaking with APRA and its relevance to the Bank’ section, ANZ Bank New Zealand Limited had systems in place to monitor and control adequately the Banking Group’s material risks.

Signed by all Directors on 7 November 2025.