ANZ

6 May 2026

Market Announcements Office
ASX Limited
Exchange Place
Level 27
39 Martin Place
SYDNEY NSW 2000

ANZ Bank New Zealand Limited Registered Bank Disclosure Statement

Australia and New Zealand Banking Group Limited (ANZ) today released ANZ Bank New Zealand Limited's Registered Bank Disclosure Statement for the six months ended 31 March 2026.

It has been approved for distribution by ANZ's Continuous Disclosure Committee.

Yours faithfully

Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522

ANZ

ANZ Bank New Zealand Limited

Registered Bank Disclosure Statement

For the six months ended 31 March 2026

Glossary 2

Disclosure Statement

Interim Financial Statements 3
Condensed consolidated interim financial statements 4
Notes to the condensed consolidated interim financial statements 8
Limited assurance report 21

Registered Bank Disclosures 22
Directors' statement 44
Limited assurance reports 45

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.
the 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.

ANZ Bank New Zealand Limited

Interim Financial Statements

Condensed Consolidated Interim 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 Condensed Consolidated Interim Financial Statements

Basis of preparation

About our interim financial statements 8

Financial performance

Other operating income 9
Segment reporting 10

Financial and non-financial assets

Net loans and advances 11
Allowance for expected credit losses 12

Financial and non-financial liabilities

Deposits and other borrowings 15
Debt issuances 15

Financial instrument disclosures

Credit risk 16
Fair value of financial assets and financial liabilities 18

Other disclosures

Commitments and contingent liabilities 20
Subsequent events 20

Limited assurance report 21

ANZ Bank New Zealand Limited

unaudited

Income Statement

For the six months ended 31 March	Note	2026 NZ$m	2025 NZ$m
Interest income		4,533	5,534
Interest expense		(2,153)	(3,247)
Net interest income		2,380	2,287
Other operating income	2	402	496
Operating income		2,782	2,783
Operating expenses		(892)	(893)
Profit before credit impairment and income tax		1,890	1,890
Credit impairment release/(charge)	5	(22)	5
Profit before income tax		1,868	1,895
Income tax expense		(521)	(530)
Profit for the period		1,347	1,365

Statement of Comprehensive Income

For the six months ended 31 March	2026 NZ$m	2025 NZ$m
Profit for the period	1,347	1,365
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Actuarial gain/(loss) on defined benefit schemes	(7)	11
Items that may be reclassified subsequently to profit or loss
Reserve movements:
Unrealised gains/(losses) recognised directly in equity	(5)	8
Realised gains transferred to the income statement	(3)	(2)
Income tax attributable to the above items	5	(5)
Total comprehensive income for the period	1,337	1,377

The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.

Condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

Balance Sheet

As at	Note	31 Mar 26 NZ$m	30 Sep 25 NZ$m
Assets
Cash and cash equivalents		16,647	9,386
Settlement balances receivable		484	1,620
Collateral paid		1,077	1,114
Trading securities		6,749	6,348
Derivative financial instruments		12,152	11,449
Investment securities		15,885	16,458
Net loans and advances	4	161,239	158,683
Deferred tax assets		416	392
Goodwill and other intangible assets		3,104	3,100
Premises and equipment		337	324
Other assets		1,142	1,115
Total assets		219,232	209,989
Liabilities
Settlement balances payable		6,575	4,614
Collateral received		1,688	1,725
Deposits and other borrowings	6	157,268	153,282
Derivative financial instruments		11,119	10,408
Current tax liabilities		174	357
Payables and other liabilities		1,478	1,559
Employee entitlements		113	122
Other provisions		217	225
Debt issuances	7	20,472	17,799
Total liabilities		199,104	190,091
Net assets		20,128	19,898
Shareholders' equity
Share capital		17,680	17,680
Reserves		124	129
Retained earnings		2,324	2,089
Total shareholders' equity		20,128	19,898

The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.

Condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

Cash Flow Statement

For the six months ended 31 March	2026	2025
	NZ$m	NZ$m
Profit for the period	1,347	1,365
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Depreciation and amortisation	49	51
Net derivatives/foreign exchange adjustment	478	(434)
Other non-cash movements	(5)	(62)
Net (increase)/decrease in operating assets:
Collateral paid	37	299
Trading securities	(401)	(198)
Net loans and advances	(2,556)	(1,978)
Other assets	1,085	(90)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings (excluding items included in financing activities)	5,021	6,507
Settlement balances payable	1,961	(1,959)
Collateral received	(37)	426
Other liabilities	(297)	(642)
Total adjustments	5,335	1,920
Net cash provided by operating activities¹	6,682	3,285
Cash flows from investing activities
Investment securities:
Purchases	(3,335)	(2,594)
Proceeds from sale or maturity	3,495	1,090
Other assets	(26)	(20)
Net cash provided by/(used in) investing activities	134	(1,524)
Cash flows from financing activities
Deposits and other borrowings²	(1,035)	(534)
Debt issuances:³
Issue proceeds	2,611	1,689
Redemptions	-	(2,636)
Repayment of lease liabilities	(24)	(25)
Dividends paid	(1,107)	(744)
Net cash provided by/(used in) financing activities	445	(2,250)
Net change in cash and cash equivalents	7,261	(489)
Cash and cash equivalents at beginning of period	9,386	11,634
Cash and cash equivalents at end of period	16,647	11,145

¹ Net cash provided by operating activities includes income taxes paid of NZ$723 million (March 2025: NZ$658 million).
² Movement in deposits and other borrowings include repayments of repurchase transactions entered into with the RBNZ under the Term Lending Facility of NZ$35 million (March 2025: NZ$34 million) and NZ$1,000 million under the Funding for Lending Programme (March 2025: NZ$500 million).
³ Movement in debt issuances (Note 7 Debt issuances) also includes a NZ$83 million increase (March 2025: NZ$1,159 million increase) from the effect of foreign exchange rates, a NZ$31 million decrease (March 2025: NZ$35 million decrease) from changes in fair value hedging instruments and a NZ$10 million increase (March 2025: NZ$1 million decrease) from other changes.

The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.

Condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

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 2024	17,680	24	1,106	18,810
Profit or loss for the period	-	-	1,365	1,365
Other comprehensive income for the period	-	4	8	12
Total comprehensive income for the period	-	4	1,373	1,377
Transactions with equity holders in their capacity as equity owners:
Ordinary shares dividend paid	-	-	(700)	(700)
Perpetual preference shares dividends paid	-	-	(44)	(44)
As at 31 March 2025	17,680	28	1,735	19,443
As at 1 October 2025	17,680	129	2,089	19,898
Profit or loss for the period	-	-	1,347	1,347
Other comprehensive income for the period	-	(5)	(5)	(10)
Total comprehensive income for the period	-	(5)	1,342	1,337
Transactions with equity holders in their capacity as equity owners:
Ordinary shares dividend paid	-	-	(1,060)	(1,060)
Perpetual preference shares dividends paid	-	-	(47)	(47)
As at 31 March 2026	17,680	124	2,324	20,128

The notes appearing on pages 8 to 20 form an integral part of these interim financial statements.

Condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

Notes to the Condensed Consolidated Interim Financial Statements

1. About our interim financial statements

These condensed consolidated interim financial statements for the Banking Group have been prepared in accordance with the requirements of the Order and should be read in conjunction with the Banking Group's financial statements for the year ended 30 September 2025.

On 5 May 2026, the Directors resolved to authorise the issue of these interim financial statements.

Basis of preparation

These condensed consolidated interim financial statements comply with:

New Zealand Generally Accepted Accounting Practice (NZ GAAP), as defined in the Financial Reporting Act 2013;
NZ IAS 34 Interim Financial Reporting and other applicable Financial Reporting Standards, as appropriate for publicly accountable for-profit entities; and
IAS 34 Interim Financial Reporting.

These condensed consolidated interim financial statements comprise the interim financial statements of the Bank and its subsidiaries.

We present the condensed consolidated interim financial statements of the Banking Group in New Zealand dollars and have rounded values to the nearest million dollars (NZ$m), unless otherwise stated.

The accounting policies adopted by the Banking Group are consistent with those adopted and disclosed in the previous full year financial statements.

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).

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. Discussion of the critical accounting estimates and judgements, which include complex or subjective decisions or assessments, are provided in the previous full year financial statements. Such estimates and judgements are reviewed on an ongoing basis.

The Banking Group made various accounting estimates in these interim financial statements based on forecasts of economic conditions which reflect expectations and assumptions used at 31 March 2026 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 interim 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.

The assumptions and judgements made in relation to significant accounting estimates are discussed further in the relevant notes in these interim financial statements and/or in the relevant notes in the previous full year financial statements. Readers should consider these disclosures in light of the uncertainties described above.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

2. Other operating income

For the six months ended 31 March	2026	2025
	NZ$m	NZ$m
Fee and commission income
Lending fees	12	10
Non-lending fees	388	361
Commissions	13	14
Funds management income	126	122
Fee and commission income	539	507
Fee and commission expense	(278)	(264)
Net fee and commission income	261	243
Other income
Net trading gains	96	99
Gain on sale of investment securities designated at FVOCI	1	2
Fair value gain on hedging activities and financial liabilities designated at fair value	22	148
Net foreign exchange earnings and other financial instruments income	119	249
Insurance proceeds	15	-
Other	7	4
Other income	141	253
Other operating income	402	496

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

3. 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.

Personal

Personal provides a full range of banking and wealth management services to consumer and private banking customers. We deliver our services via our internet and app-based digital solutions and a network of branches, mortgage specialists, private bankers and contact centres.

Business & Agri

Business & Agri provides a full range of banking services through our digital, branch and contact centre channels, and traditional relationship banking and sophisticated financial solutions through dedicated managers. These cover privately owned small and medium enterprises, and the agricultural business segment.

Institutional

The Institutional division services government and government-related entities, global institutional and corporate customers via the following business units:

Transaction Banking provides customers with working capital and liquidity solutions including documentary trade, supply chain financing, commodity financing as well as cash management solutions, deposits, payments and clearing.
Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance, debt structuring and acquisition finance, and sustainable finance solutions.
Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in addition to managing the Banking Group's interest rate exposure and high quality liquid asset portfolio.

Other

Other includes treasury and back office support functions, none of which constitutes a separately reportable segment.

Operating segments

For the six months ended 31 March	Personal		Business & Agri		Institutional		Other		Total
	2026 NZ$m	2025 NZ$m	2026 NZ$m	2025 NZ$m	2026 NZ$m	2025 NZ$m	2026 NZ$m	2025 NZ$m	2026 NZ$m	2025 NZ$m
Net interest income	1,328	1,271	464	478	409	373	179	165	2,380	2,287
Net fee and commission income
- Lending fees	5	4	-	-	6	6	1	-	12	10
- Non-lending fees	253	227	111	114	24	24	-	(4)	388	361
- Commissions	13	13	-	-	-	-	-	1	13	14
- Funds management income	126	122	-	-	-	-	-	-	126	122
- Fee and commission expense	(191)	(173)	(87)	(91)	-	-	-	-	(278)	(264)
Net fee and commission income	206	193	24	23	30	30	1	(3)	261	243
Other income	2	-	-	(1)	104	107	35	147	141	253
Other operating income	208	193	24	22	134	137	36	144	402	496
Operating income	1,536	1,464	488	500	543	510	215	309	2,782	2,783
Operating expenses	(607)	(607)	(150)	(146)	(125)	(127)	(10)	(13)	(892)	(893)
Profit before credit impairment and income tax	929	857	338	354	418	383	205	296	1,890	1,890
Credit impairment release/(charge)	(23)	(20)	22	25	(21)	-	-	-	(22)	5
Profit before income tax	906	837	360	379	397	383	205	296	1,868	1,895
Income tax expense	(254)	(235)	(101)	(106)	(112)	(107)	(54)	(82)	(521)	(530)
Profit after income tax	652	602	259	273	285	276	151	214	1,347	1,365

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

3. Segment reporting (continued)

Operating segments (continued)

As at	Personal		Business & Agri		Institutional		Other		Total
	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m
Financial position
Goodwill	1,042	1,042	695	695	1,269	1,269	-	-	3,006	3,006
Net loans and advances	118,164	115,317	24,793	24,324	18,282	19,042	-	-	161,239	158,683
Customer deposits	98,471	96,544	20,120	19,068	30,456	27,930	-	-	149,047	143,542

Other segment

The Other segment profit after income tax comprises:

	2026	2025
For the six months ended 31 March	NZ$m	NZ$m
Personal and Business & Agri central functions	3	(2)
Group Centre	132	109
Economic hedges	16	107
Total	151	214

4. Net loans and advances

	31 Mar 26 NZ$m	30 Sep 25 NZ$m
Overdrafts	1,145	1,149
Credit cards	1,250	1,230
Term loans - housing	118,608	115,835
Term loans - non-housing1	40,177	40,524
Gross subtotal	161,180	158,738
Unearned income2	(24)	(26)
Capitalised brokerage and other origination costs2	749	639
Gross loans and advances	161,905	159,351
Allowance for expected credit losses (refer to Note 5)	(666)	(668)
Net loans and advances	161,239	158,683

1 Includes reverse repurchase agreements (with 90 days or more to maturity) designated at FVTPL of NZ$812 million (September 2025: NZ$961 million).
2 Amortised over the expected life of the loan.

The Bank has sold residential mortgages to the NZ Branch with a net carrying value of NZ$247 million as at 31 March 2026 (September 2025: NZ$281 million). These assets qualify for derecognition as the Bank does not retain a continuing involvement in the transferred assets.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

5. Allowance for expected credit losses

This note should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements.

	31 Mar 26			30 Sep 25
	Collectively assessed NZ$m	Individually assessed NZ$m	Total NZ$m	Collectively assessed NZ$m	Individually assessed NZ$m	Total NZ$m
Net loans and advances at amortised cost	597	69	666	604	64	668
Off-balance sheet commitments	136	3	139	130	4	134
Total	733	72	805	734	68	802

The following tables present the movement in the allowance for expected credit losses (ECL) for the period.

Net loans and advances - at amortised cost

Allowance for ECL is included in Net loans and advances.

	Stage 3
	Stage 1 NZ$m	Stage 2 NZ$m	Collectively assessed NZ$m	Individually assessed NZ$m	Total NZ$m
As at 1 October 2025	188	320	96	64	668
Transfer between stages	54	(51)	(2)	(1)	-
New and increased provisions (net of releases)	(24)	21	(5)	54	46
Write-backs	-	-	-	(25)	(25)
Bad debts written-off (excluding recoveries)	-	-	-	(22)	(22)
Discount unwind	-	-	-	(1)	(1)
As at 31 March 2026	218	290	89	69	666

Off-balance sheet commitments - undrawn and contingent facilities

Allowance for ECL is included in Other provisions.

	Stage 3
	Stage 1 NZ$m	Stage 2 NZ$m	Collectively assessed NZ$m	Individually assessed NZ$m	Total NZ$m
As at 1 October 2025	70	57	3	4	134
Transfer between stages	9	(9)	1	(1)	-
New and increased provisions (net of releases)	6	(1)	-	-	5
As at 31 March 2026	85	47	4	3	139

Credit impairment charge - Income Statement

Credit impairment charge/(release) analysis

For the six months ended 31 March	2026 NZ$m	2025 NZ$m
New and increased provisions (net of releases)1
- Collectively assessed	(1)	(19)
- Individually assessed	52	38
Write-backs	(25)	(20)
Recoveries of amounts previously written-off	(4)	(4)
Total credit impairment charge/(release)	22	(5)

1 Includes the impact of transfers between collectively assessed and individually assessed.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

5. Allowance for expected credit losses (continued)

Key judgements and estimates

Collectively assessed allowance for expected credit losses

In estimating collectively assessed ECL, the Banking Group makes judgements and assumptions in relation to:

the selection of an estimation technique or modelling methodology; and
the selection of inputs for those models, and the interdependencies between those inputs.

The judgements and associated assumptions have been made within the context of the uncertainty of how various factors might impact the global economy and reflect historical experience and other factors that are considered relevant, including expectations of future events that are believed to be reasonable under the circumstances. The Banking Group's ECL estimates are inherently uncertain and, as a result, actual results may differ from these estimates.

The key judgements and assumptions in estimating collectively assessed ECL are presented below.

Base case economic forecast assumptions

The economic drivers of the base case economic forecasts, reflective of the Banking Group's view of future macroeconomic conditions used at 31 March 2026 are set out below. For the years following the near-term forecasts below, the ECL models apply simplified assumptions for the economic conditions to calculate lifetime loss. There is a high level of estimation uncertainty when forming these forecasts.

The base case economic forecasts are for an economic recovery and a return to growth, supported by lower interest rates, favourable terms of trade and a declining unemployment rate. However, as these base case economic forecasts do not capture the current and potential future uncertainty and volatility arising from the recent conflict in the Middle East, scenario weightings have been applied to reflect the Banking Group's assessment of downside risks, as discussed below.

	Actual calendar year 2025	Forecast calendar year 2026	2027
New Zealand
GDP (annual average % change)	0.4	2.6	2.8
Unemployment rate (annual average as a %)	5.3	5.1	4.7
Residential property prices (annual % change)	(0.1)	2.0	4.5
Consumer price index (annual average % change)	2.8	2.5	2.0

Probability weightings

Probability weightings for each scenario are determined by management considering the risks and uncertainties surrounding the base case economic scenario including the uncertainties described above.

The key consideration for probability weightings in the current period is the heightened downside risks arising from the recent conflict in the Middle East, which increases volatility in global financial markets. Accordingly, greater weight has been applied to the severe downside scenario, reflecting the Banking Group's assessment of downside risks.

The assigned probability weightings are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Bank considers these weightings to provide estimates of the possible loss outcomes and taking into account short and long term inter-relationships within the Banking Group's credit portfolios. The weightings applied are set out below:

	31 Mar 26	30 Sep 25
Base	50.00%	50.00%
Upside	3.50%	3.75%
Downside	31.50%	33.75%
Severe downside	15.00%	12.50%

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

5. Allowance for expected credit losses (continued)

Key judgements and estimates

ECL - Sensitivity analysis

Given current economic uncertainties and the judgement applied to factors used in determining the expected default of borrowers in future periods, ECL reported by the Banking Group should be considered as a best estimate within a range of possible estimates.

The table below illustrates the sensitivity of the Banking Group's allowance for collectively assessed ECL to key factors used in determining it as at 31 March 2026:

	Total NZ$m	Impact on total^{1} NZ$m
Collectively assessed ECL as at 31 March 2026 (refer to page 12)	733	-
If 1% of Stage 1 facilities were included in Stage 2	739	+6
If 1% of Stage 2 facilities were included in Stage 1	732	-1
100% upside scenario	282	-451
100% base scenario	353	-380
100% downside scenario	792	+59
100% severe downside scenario	1,699	+966

There is an inverse and proportionate impact on profit or loss.

Individually assessed allowance for expected credit losses

In estimating individually assessed ECL, the Banking Group makes judgements and assumptions in relation to expected repayments, the realisable value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process. Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties described above and in Note 1 About our interim financial statements.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

6. Deposits and other borrowings

	31 Mar 26 NZ$m	30 Sep 25 NZ$m
Term deposits	62,230	60,808
On demand and short term deposits	67,894	65,405
Deposits not bearing interest	18,923	17,329
Total customer deposits	149,047	143,542
Certificates of deposit	2,165	882
Commercial paper	2,548	4,165
Securities sold under repurchase agreements	3,361	4,520
Deposits from Immediate Parent Company and NZ Branch	147	173
Deposits and other borrowings	157,268	153,282

7. Debt issuances

The Banking Group uses a variety of funding programmes to issue unsubordinated debt (including senior debt and covered bonds) and subordinated debt. The difference between unsubordinated debt and subordinated debt is that, in a winding up of the issuer, holders of unsubordinated debt rank in priority to holders of subordinated debt. Subordinated debt will be repaid only after the repayment of claims of depositors and other creditors (including holders of unsubordinated debt) of that issuer.

	31 Mar 26 NZ$m	30 Sep 25 NZ$m
Senior debt	14,700	12,020
Covered bonds	2,485	2,510
Total unsubordinated debt	17,185	14,530
Subordinated debt
- Additional tier 1 (AT1) capital	938	938
- Tier 2 capital	2,349	2,331
Total subordinated debt	3,287	3,269
Total debt issued	20,472	17,799

The Bank has guaranteed the payment of interest and principal of covered bonds issued by its subsidiary ANZ New Zealand (Int'l) Limited. This obligation is guaranteed by ANZNZ Covered Bond Trust Limited (the Covered Bond Guarantor), solely in its capacity as trustee of ANZNZ Covered Bond Trust (the Covered Bond Trust). The Covered Bond Trust is a member of the Banking Group. The Covered Bond Guarantor is not a member of the Banking Group and has no credit ratings applicable to its long term senior unsecured obligations. The covered bonds have been assigned a long term rating of Aaa and AAA by Moody's Investors Service and Fitch Ratings respectively. Refer to page 24 for the carrying amount of assets transferred to the ANZNZ Covered Bond Trust pledged as security for covered bonds.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

8. Credit risk

This note should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements and Note 5 Allowance for expected credit losses.

Maximum exposure to credit risk

For financial assets recognised on the balance sheet, the maximum exposure to credit risk is the carrying amount. In certain circumstances there may be differences between the carrying amounts reported on the balance sheet and the amounts reported in the tables below. Principally, these differences arise in respect of financial assets that are subject to risks other than credit risk, such as equity instruments which are primarily subject to market risk, or bank notes and coins.

For undrawn facilities, this maximum exposure to credit risk is the full amount of the committed facilities. For contingent exposures, the maximum exposure to credit risk is the maximum amount the Banking Group would have to pay if the instrument is called upon.

The table below shows our maximum exposure to credit risk of on-balance sheet and off-balance sheet positions before taking account of any collateral held or other credit enhancements.

	Reported		Excluded^{1}		Maximum exposure to credit risk
	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m
On-balance sheet positions
Net loans and advances	161,239	158,683	-	-	161,239	158,683
Other financial assets:
Cash and cash equivalents	16,647	9,386	201	130	16,446	9,256
Settlement balances receivable	484	1,620	-	-	484	1,620
Collateral paid	1,077	1,114	-	-	1,077	1,114
Trading securities	6,749	6,348	-	-	6,749	6,348
Derivative financial instruments	12,152	11,449	-	-	12,152	11,449
Investment securities	15,885	16,458	-	-	15,885	16,458
Other financial assets^{2}	872	860	-	-	872	860
Total other financial assets	53,866	47,235	201	130	53,665	47,105
Subtotal	215,105	205,918	201	130	214,904	205,788
Off-balance sheet positions
Undrawn and contingent facilities^{3}	31,959	30,116	-	-	31,959	30,116
Total	247,064	236,034	201	130	246,863	235,904

1 Coins, notes and cash at bank within cash and cash equivalents were excluded as they do not have credit risk exposure.
2 Other financial assets mainly comprise accrued interest and acceptances.
3 Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed and individually assessed allowance for expected credit losses.

Credit quality

We use the Banking Group's internal customer credit rating (CCR) to manage the credit quality of financial assets. To enable wider comparisons, the Banking Group's CCRs are mapped to external rating agency scales as follows:

Credit quality description	Internal CCR	The Banking Group customer requirements	Moody's Ratings	S&P Global Ratings
Strong	CCR 0+ to 4-	Demonstrated superior stability in their operating and financial performance over the long-term, and whose earnings capacity is not significantly vulnerable to foreseeable events.	Aaa – Baa3	AAA – BBB-
Satisfactory	CCR 5+ to 6-	Demonstrated sound operational and financial stability over the medium to long-term even though some may be susceptible to cyclical trends or variability in earnings.	Ba1 – B1	BB+ – B+
Weak	CCR 7+ to 8=	Demonstrated some operational and financial instability, with variability and uncertainty in profitability and liquidity projected to continue over the short and possibly medium term.	B2 – Caa	B - CCC
Non-performing	CCR 8- to 10	When doubt arises as to the collectability of a credit facility, the financial instrument (or ‘the facility’) is classified as non-performing.	n/a	n/a

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

8. Credit risk (continued)

Net loans and advances

As at 31 March 2026	Stage 1 NZ$m	Stage 2 NZ$m	Collectively assessed NZ$m	Individually assessed NZ$m	Total NZ$m
Strong	82,825	1,219	-	-	84,044
Satisfactory	62,027	5,023	-	-	67,050
Weak	5,202	2,574	-	-	7,776
Non-performing	-	-	1,115	383	1,498
Gross loans and advances at amortised cost	150,054	8,816	1,115	383	160,368
Allowance for ECL	(218)	(290)	(89)	(69)	(666)
Net loans and advances at amortised cost	149,836	8,526	1,026	314	159,702
Coverage ratio	0.15%	3.29%	7.98%	18.02%	0.42%
Loans and advances at FVTPL					812
Unearned income					(24)
Capitalised brokerage and other origination costs					749
Net carrying amount					161,239

As at 30 September 2025

Strong	79,659	1,315	-	-	80,974
Satisfactory	61,298	5,568	-	-	66,866
Weak	5,283	3,045	-	-	8,328
Non-performing	-	-	1,240	369	1,609
Gross loans and advances at amortised cost	146,240	9,928	1,240	369	157,777
Allowance for ECL	(188)	(320)	(96)	(64)	(668)
Net loans and advances at amortised cost	146,052	9,608	1,144	305	157,109
Coverage ratio	0.13%	3.22%	7.74%	17.34%	0.42%
Loans and advances at FVTPL					961
Unearned income					(26)
Capitalised brokerage and other origination costs					639
Net carrying amount					158,683

Off-balance sheet commitments - undrawn and contingent facilities

As at 31 March 2026	Stage 1 NZ$m	Stage 2 NZ$m	Collectively assessed NZ$m	Individually assessed NZ$m	Total NZ$m
Strong	25,740	185	-	-	25,925
Satisfactory	4,736	847	-	-	5,583
Weak	211	339	-	-	550
Non-performing	-	-	27	13	40
Gross undrawn and contingent facilities	30,687	1,371	27	13	32,098
Allowance for ECL included in Other provisions	(85)	(47)	(4)	(3)	(139)
Net undrawn and contingent facilities	30,602	1,324	23	10	31,959
Coverage ratio	0.28%	3.43%	14.81%	23.08%	0.43%

As at 30 September 2025

Strong	24,065	254	-	-	24,319
Satisfactory	4,169	1,097	-	-	5,266
Weak	223	403	-	-	626
Non-performing	-	-	16	23	39
Gross undrawn and contingent facilities	28,457	1,754	16	23	30,250
Allowance for ECL included in Other provisions	(70)	(57)	(3)	(4)	(134)
Net undrawn and contingent facilities	28,387	1,697	13	19	30,116
Coverage ratio	0.25%	3.25%	18.75%	17.39%	0.44%

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

9. Fair value of financial assets and financial liabilities

Classification of financial assets and financial liabilities

The Banking Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments on the Balance Sheet at fair value.

Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

The following tables set out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts as recognised on the Balance Sheet.

	Note	31 Mar 26			30 Sep 25
		At amortised cost NZ$m	At fair value NZ$m	Total NZ$m	At amortised cost NZ$m	At fair value NZ$m	Total NZ$m
Financial assets
Cash and cash equivalents		13,883	2,764	16,647	7,760	1,626	9,386
Settlement balances receivable		484	-	484	1,620	-	1,620
Collateral paid		1,077	-	1,077	1,114	-	1,114
Trading securities		-	6,749	6,749	-	6,348	6,348
Derivative financial instruments		-	12,152	12,152	-	11,449	11,449
Investment securities		-	15,885	15,885	-	16,458	16,458
Net loans and advances	4	160,427	812	161,239	157,722	961	158,683
Other financial assets		872	-	872	860	-	860
Total		176,743	38,362	215,105	169,076	36,842	205,918
Financial liabilities
Settlement balances payable		6,575	-	6,575	4,614	-	4,614
Collateral received		1,688	-	1,688	1,725	-	1,725
Deposits and other borrowings	6	151,491	5,777	157,268	145,762	7,520	153,282
Derivative financial instruments		-	11,119	11,119	-	10,408	10,408
Debt issuances	7	20,472	-	20,472	17,799	-	17,799
Other financial liabilities		864	303	1,167	1,033	195	1,228
Total		181,090	17,199	198,289	170,933	18,123	189,056

Financial assets and financial liabilities measured at fair value

The fair valuation of financial assets and financial liabilities is generally determined at the individual instrument level.

If the Banking Group holds offsetting risk positions, then the portfolio exception in NZ IFRS 13 Fair Value Measurement (NZ IFRS 13) is used to measure the fair value of such groups of financial assets and financial liabilities. The Banking Group measures the portfolio based on the price that would be received to sell a net long position (an asset) for a particular risk exposure, or to transfer a net short position (a liability) for a particular risk exposure.

Fair value designation

The Banking Group designates certain Net loans and advances and Deposits and other borrowings as FVTPL where they are managed on a fair value basis to align the measurement with how the financial instruments are managed.

Fair value approach and valuation techniques

We use valuation techniques to estimate the fair value of assets and liabilities for recognition, measurement and disclosure purposes where no quoted price in an active market exists for that asset or liability. This includes the following:

Asset or liability	Fair value approach
Financial instruments classified as:	Discounted cash flow (DCF) techniques are used whereby contractual future cash flows of the instrument are discounted using wholesale market interest rates, or market borrowing rates for debt or loans with similar maturities or yield curves appropriate for the remaining term to maturity.
- Derivative financial assets and financial liabilities (including trading and non-trading)
- Repurchase agreements less than 90 days
- Net loans and advances
- Deposits and other borrowings
- Debt issuances
Other financial instruments held for trading:
- Securities sold short	Valuation techniques are used that incorporate observable market inputs for financial instruments with similar credit risk, maturity and yield characteristics.
Financial instruments classified as:	Valuation techniques use comparable multiples (such as price-to-book ratios) or DCF techniques incorporating, to the extent possible, observable inputs from instruments with similar characteristics.
- Trading securities
- Investment securities

There were no significant changes to valuation approaches during the current or prior periods.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

unaudited

9. Fair value of financial assets and financial liabilities (continued)

Fair value hierarchy

The Banking Group categorises financial assets and financial liabilities carried at fair value into a fair value hierarchy as required by NZ IFRS 13 based on the observability of inputs used to measure the fair value:

Level 1 – valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – valuations using inputs other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or indirectly; and
Level 3 – valuations where significant unobservable inputs are used to measure the fair value of the asset or liability.

The following table presents assets and liabilities carried at fair value in accordance with the fair value hierarchy:

	Quoted price in active markets (Level 1)		Using observable inputs (Level 2)		Using unobservable inputs (Level 3)		Total
	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m	31 Mar 26 NZ$m	30 Sep 25 NZ$m
Financial assets
Cash and cash equivalents	-	-	2,764	1,626	-	-	2,764	1,626
Trading securities^{1}	4,825	5,169	1,924	1,179	-	-	6,749	6,348
Derivative financial instruments	18	2	12,133	11,445	1	2	12,152	11,449
Investment securities^{1}	13,592	14,370	2,287	2,082	6	6	15,885	16,458
Net loans and advances	-	-	812	961	-	-	812	961
Total	18,435	19,541	19,920	17,293	7	8	38,362	36,842
Financial liabilities
Deposits and other borrowings	-	-	5,777	7,520	-	-	5,777	7,520
Derivative financial instruments	4	43	11,115	10,365	-	-	11,119	10,408
Other financial liabilities	302	195	1	-	-	-	303	195
Total	306	238	16,893	17,885	-	-	17,199	18,123

1 During the six months ended 31 March 2026, NZ$604 million of assets were transferred from Level 1 to Level 2 (September 2025: NZ$434 million) and no assets were transferred from Level 2 to Level 1 for the Banking Group (September 2025: NZ$127 million) due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1, Level 2 and Level 3 during the period. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.

Financial assets and financial liabilities not measured at fair value

The financial assets and financial liabilities listed below are measured at amortised cost on the Banking Group's balance sheet. While this is the value at which we expect the assets will be realised and the liabilities settled, the Banking Group provides an estimate of the fair value of the financial assets and financial liabilities at balance date in the table below.

Fair values of financial asset and financial liabilities carried at amortised cost not included in the table below approximate their carrying values. These financial assets and financial liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.

	Carrying amount in the Balance Sheet						Fair value
	31 Mar 26			30 Sep 25			31 Mar 26	30 Sep 25
	At amortised cost NZ$m	At fair value NZ$m	Total NZ$m	At amortised cost NZ$m	At fair value NZ$m	Total NZ$m	Total NZ$m	Total NZ$m
Financial assets
Net loans and advances	160,427	812	161,239	157,722	961	158,683	161,277	159,325
Total	160,427	812	161,239	157,722	961	158,683	161,277	159,325
Financial liabilities
Deposits and other borrowings	151,491	5,777	157,268	145,762	7,520	153,282	157,275	153,491
Debt issuances	20,472	-	20,472	17,799	-	17,799	20,631	18,059
Total	171,963	5,777	177,740	163,561	7,520	171,081	177,906	171,550

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited
unaudited

10. Commitments and contingent liabilities

Credit related commitments and contingencies

| | 31 Mar 26
NZ$m | 30 Sep 25
NZ$m |
| --- | --- | --- |
| Contract amount of: | | |
| Undrawn facilities | 28,864 | 26,964 |
| Guarantees and letters of credit | 1,434 | 1,427 |
| Performance related contingencies | 1,800 | 1,859 |
| Total | 32,098 | 30,250 |

The Banking Group guarantees the performance of customers by issuing standby letters of credit and guarantees to third parties, including its Ultimate Parent Bank. The risk involved is essentially the same as the credit risk involved in extending loan facilities to customers, therefore these transactions are subjected to the same credit origination, portfolio management and collateral requirements for customers applying for loans. As the facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements.

Other contingent liabilities

There are outstanding court proceedings, claims and possible claims for and against the Banking Group. Where relevant, expert legal advice has been obtained and, in the light of such advice, provisions and/or disclosures as deemed appropriate have been made. In some instances we have not disclosed the estimated financial impact of the individual items either because it is not practicable to do so or because such disclosure may prejudice seriously the interests of the Banking Group.

Regulatory, customer and third party exposures

The Banking Group regularly engages with its regulators. The nature of these regulatory interactions can be wide ranging and include regulatory investigations, surveillance and reviews, reportable situations, formal and informal inquiries and regulatory supervisory activities in New Zealand and globally. The Banking Group also receives notices and requests for information from its regulators from time to time as part of both industry-wide and Banking Group-specific reviews and makes disclosures to its regulators at its own instigation.

The Banking Group's regulatory interactions can relate to a broad range of matters including, for example, responsible lending practices, regulated lending requirements, product suitability and distribution, interest and fees and the entitlement to charge them, customer remediation, wealth advice, insurance distribution, pricing, competition, conduct in financial markets and financial transactions, capital market transactions, anti-money laundering and counter-terrorism financing obligations, privacy obligations and information security, business continuity management, reporting and disclosure obligations and product disclosure documentation.

The possible exposures associated with the Bank's regulatory interactions may include civil enforcement actions, criminal proceedings, fines and penalties, imposition of capital or liquidity requirements, customer remediation, the requirement to conduct independent reviews, sanctions or the exercise of other regulatory powers.

There may also be exposures to customers, investors or third parties which are additional to any regulatory exposures. These could include class actions or claims for compensation or other remedies.

The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.

Loan information litigation

The Bank is defending an opt-out representative proceeding where the plaintiffs are alleging breaches of disclosure requirements under consumer credit legislation in respect of variation letters sent to certain loan customers. The High Court ruled the relevant class was customers who entered into a home loan or personal loan with the Bank between 6 June 2015 and 28 May 2016 and requested a variation to that loan during that period. The class and the allegations made in the proceedings would potentially cover approximately 17,000 loan customers.

In July 2024, the Court of Appeal, among other things, confirmed the class and granted the plaintiff's application for a common fund order with immediate effect. Lawyers for the plaintiffs have notified potential class members about the class action and a summary judgment hearing was heard in the High Court on 23-24 March 2026. A judgment was released on 4 May 2026 (refer to Note 11).

Warranties and indemnities

The Banking Group has provided warranties, indemnities and other commitments in various contracts for the disposal of businesses and assets and other commercial transactions, covering a range of matters and risks. It is exposed to potential claims under those warranties, indemnities and commitments, some of which are currently active. The outcomes and total costs associated with these exposures remain uncertain.

11. Subsequent events

On 17 April 2026, the Bank gave notice to NZ Branch as the holder of NZ$938 million of ANZ New Zealand Internal Capital Notes (ANZ NZ ICN) that qualify as AT1 capital for the Bank, that it will redeem the ANZ NZ ICN on their optional redemption date in June 2026.

On 4 May 2026, in the loan information litigation referred to in Note 10, the High Court granted summary judgment against the Bank in favour of the representative plaintiffs, finding that they were not liable for costs of borrowing relating to the breach period and directing the Bank to refund them NZ$32,728.42. The Bank is considering how this judgment may apply to other members of the class. The Bank's estimate of its maximum potential liability for costs of borrowing arising from this decision is approximately NZ$125 million. The Bank is considering the judgment and next steps including appeal.

Notes to the condensed consolidated interim financial statements

ANZ Bank New Zealand Limited

Independent Auditor's Review Report

To the shareholder of ANZ Bank New Zealand Limited

Report on the condensed consolidated interim financial statements

Conclusion

We have completed a review of the accompanying condensed consolidated interim financial statements (interim financial statements) which comprise:

the consolidated balance sheet as at 31 March 2026;
the consolidated income statement, statements of comprehensive income, changes in equity and cash flows for the six month period then ended; and
notes, including material accounting policy information and other explanatory information.

Based on our review of the interim financial statements of ANZ Bank New Zealand Limited (the Bank) and its subsidiaries (together, the Banking Group) on pages 4 to 20, nothing has come to our attention that causes us to believe that the interim financial statements have not been prepared, in all material respects, in accordance with New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) issued by the New Zealand Accounting Standards Board and International Accounting Standard 34 Interim Financial Reporting (IAS 34) issued by the International Accounting Standards Board.

Basis for conclusion

We conducted our review of the interim financial statements in accordance with New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor's Responsibilities section of our report.

We are independent of the Banking Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual disclosure statement and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.

Our firm has provided other services to the Banking Group in relation to review of regulatory returns, internal controls reports, prospectus assurance or reviews, agreed upon procedures engagements and other assurance engagements. Subject to certain restrictions, partners and employees of our firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of the business of the Banking Group. These matters have not impaired our independence as auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking Group.

Use of this review report

This review report is made solely to the shareholder of the Bank. Our review work has been undertaken so that we might state to the shareholder of the Bank those matters we are required to state to them in this review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the shareholder of the Bank for our review work, this review report, or any of the conclusions we have formed.

Responsibilities of the Directors

The Directors, on behalf of the Banking Group, are responsible for:

the preparation and fair presentation of the Banking Group interim financial statements in accordance with Clause 25 of the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014, NZ IAS 34 and IAS 34; and
implementing necessary internal control to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibilities

Our responsibility is to express a conclusion on the interim financial statements based on our review.

NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a whole:

do not present fairly, in all material respects, the Banking Group's financial position as at 31 March 2026 and its financial performance and cash flows for the six months ended on that date; and
do not, in all material respects, comply with NZ IAS 34 and IAS 34.

A review of the interim financial statements prepared in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the interim financial statements.

The engagement partner on the review resulting in this independent auditor's review report is Brent Manning.

For and on behalf of:

KPMG

Wellington

5 May 2026

Limited assurance report

ANZ Bank New Zealand Limited

Registered Bank Disclosures

This section contains the disclosures required by the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014.

Section	Order reference	Page
B1. General disclosures	Schedule 3	23
B2. Additional financial disclosures	Schedule 5	24
B3. Asset quality	Schedule 7	29
B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios	Schedule 11	34
B5. Concentration of credit exposures to individual counterparties	Schedule 13	43
B6. Insurance business	Schedule 16	43
Directors' statement		44
Limited assurance reports		45

ANZ Bank New Zealand Limited
unaudited

B1. General disclosures

Guarantees

No material obligations of the Bank are guaranteed as at 5 May 2026.

Changes in the Bank's Board of Directors

Craig Sims was appointed as an independent non-executive director on 1 April 2026. As at 5 May 2026, there have been no other changes to the Directors of the Bank since 30 September 2025, the balance date of the last full year disclosure statement.

Auditors

KPMG, 18 Viaduct Harbour Avenue, Auckland, New Zealand.

Conditions of registration

Changes to the Bank's conditions of registration since the last disclosure statement (for the year ended 30 September 2025)

The Bank's conditions of registration have been amended to ease restrictions on high loan-to-valuation residential mortgage lending to owner occupiers and investors (effective 1 December 2025).

Non-compliance with conditions of registration 11: compliance with RBNZ's Outsourcing policy (BS11)

RBNZ has confirmed two material breaches of BS11 conditions of registration during the period. The first breach relates to specific robust back up arrangements that were not able to effectively operate in the event of a separation and in compliance with BS11, and the second reflects overall deficiencies in oversight, process and control gaps in the ongoing management of BS11. While these issues had no financial impact, they are relevant to the Bank's outsourcing and resolvability requirements as prescribed in its conditions of registration and have therefore been assessed as material. The Bank has rectified the specific breach relating to the robust back-up arrangements and is undertaking broader work to strengthen processes and controls in the ongoing management of BS11, as part of a remediation programme that will need to be completed to RBNZ's satisfaction. The Bank will keep RBNZ informed about the progress of these efforts to ensure that the necessary uplift is delivered and deficiencies are remediated.

Other matters relevant to the conditions of registration

There may be situations where a conditions of registration breach has been identified but an assessment of materiality has not been completed prior to approval of this Disclosure Statement. Where that is the case, the Bank will complete materiality assessments as soon as practicable and will liaise with RBNZ in accordance with the Bank's usual breach reporting processes.

Pending proceedings or arbitration

A description of any pending legal proceedings or arbitration concerning any member of the Banking Group that may have a material adverse effect on the Bank or the Banking Group is included in Note 10 Commitments and contingent liabilities.

Credit rating

The Bank has credit ratings that apply to its long-term senior unsecured obligations payable in New Zealand in New Zealand dollars.

As at 5 May 2026, the Bank's credit ratings are:

Rating agency	Credit rating	Qualification
S&P Global Ratings	AA-	Outlook Stable
Fitch Ratings	A+	Outlook Stable
Moody's Investors Service	A1	Outlook Stable

Ultimate Parent Bank enforceable undertaking with APRA and its relevance to the Bank

The Ultimate Parent Bank is the subject of an enforceable undertaking with APRA where it has committed to a comprehensive programme of activity to uplift its management of non-financial risk and improve its control environment. The Bank will also deliver this uplift, where relevant. The Bank has identified areas of non-financial risk where certain control weaknesses exist, and is progressing plans to enhance those control environments, including in a way to ensure alignment with regulator expectations. Refer to the disclosure statement for the year ended 30 September 2025 for a non-exhaustive description of non-financial risk and those non-financial risks which pose a higher inherent risk to the Banking Group.

Other material matters

RBNZ revisions to capital requirements

In 2025, RBNZ conducted a review of their key capital requirements for New Zealand banks that were being progressively implemented to July 2028 and decided to revise the capital ratio requirements, lower and increase the granularity of standardised risk weights for certain types of lending, and remove AT1 capital from the capital framework. For the New Zealand systemically important banks, including the Banking Group, the revised requirements will include a minimum CET1 ratio requirement of 12% and total capital ratio requirement of 15%. These ratios are currently required to be 10% and 14.5% respectively and had been expected to be 13.5% and 18% from July 2028. A new loss absorbing capacity requirement of 6% will also be implemented. RBNZ indicated the CET1 capital ratio requirement will increase by 0.5% in October 2026, concurrent with the standardised risk weight changes being implemented. The remaining capital ratio changes are not expected ahead of December 2028.

No new AT1 issuance is expected to be permitted from October 2026 and existing AT1 perpetual preference shares are expected to progressively cease to qualify as tier 1 capital from December 2029.

RBNZ is expected to continue consulting on aspects of the revised requirements, including certain transitional arrangements during the period to December 2028.

The impact of the review on the Banking Group will depend on final implementation details, business mix and balance sheet settings at the relevant time. As such, the impact of the review on the Banking Group is currently uncertain.

Other information

The depositor compensation scheme protects up to NZ$100,000 per eligible depositor per deposit taker, in the event of a deposit taker failure. It is to be funded by levies collected from deposit takers, including the Bank, and commenced on 1 July 2025. For more information about the scheme, please refer to RBNZ's website at www.rbnz.govt.nz/dcs.

Registered bank disclosures

ANZ Bank New Zealand Limited
unaudited

B2. Additional financial disclosures

Additional information on the balance sheet

As at 31 March 2026
NZ$m

Total interest earning and discount bearing assets	201,121
Total interest and discount bearing liabilities	164,017
Total amounts due from related entities	10,319
Total amounts due to related entities	10,211

Assets pledged and financial assets transferred

Amounts presented as collateral paid and received in the Balance Sheet relate to derivative liabilities and derivative assets respectively. The terms and conditions of those collateral agreements are included in the standard Credit Support Annex that forms part of the International Swaps and Derivatives Association Master Agreement under which most of the Banking Group derivatives are executed. The following disclosures exclude these balances.

In the normal course of business, the Banking Group enters into transactions where it pledges or transfers financial assets directly to third parties. These transfers may result in the Banking Group fully, or partially, derecognising those financial assets - depending on the Banking Group's exposure to the risks and rewards or control over the transferred assets. If the Banking Group retains substantially all of the risks and rewards of a transferred asset, the transfer does not qualify for derecognition and the asset remains on the Banking Group's balance sheet in its entirety, with a corresponding liability recognised for proceeds from the transfer.

Covered bonds

The Banking Group operates a covered bond programme to raise funding. Refer to Note 7 Debt issuances for further details. The covered bonds issued externally are included within debt issuances.

Repurchase agreements

When the Banking Group sells securities subject to repurchase agreements under which we retain substantially all the risks and rewards of ownership, then those assets do not qualify for derecognition. An associated liability is recognised for the consideration received from the counterparty.

The table below sets out the balance of assets transferred that do not qualify for derecognition, along with the associated liabilities:

As at 31 March 2026	Covered bonds	Repurchase agreements
	NZ$m	NZ$m
Current carrying amount of assets transferred	8,562	3,344
Carrying amount of associated liabilities	2,485	3,361

Additional information on the income statement

The amounts of net trading gains or losses and other fair value adjustments are included in Note 2 Other operating income. The Banking Group does not have any material credit risk adjustments on financial assets designated at FVTPL. Other operating income for the purposes of the Order comprises net fee and commission income, and all other items of other income (all in Note 2 Other operating income).

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B2. Additional financial disclosures (continued)

Additional information on concentrations of credit risk

Analysis of financial assets by industry is based on Australian and New Zealand Standard Industrial Classification (ANZSIC) codes. The significant categories shown are the level one New Zealand Standard Industry Output Categories (NZSIOC), except that Agriculture is shown separately as required by the Order.

Composition of financial instruments that give rise to credit risk by industry group are presented below:

As at 31 March 2026	Loans and advances NZ$m	Other financial assets NZ$m	Off-balance sheet credit related commitments NZ$m	Total NZ$m
New Zealand residents
Agriculture	15,619	64	1,443	17,126
Forestry and fishing, agriculture services	525	6	107	638
Mining	91	22	87	200
Manufacturing	2,534	290	2,197	5,021
Electricity, gas, water and waste services	1,090	221	1,988	3,299
Construction	1,155	4	1,583	2,742
Wholesale trade	1,508	94	1,337	2,939
Retail trade and accommodation	2,813	18	696	3,527
Transport, postal and warehousing	916	33	695	1,644
Finance and insurance services	2,077	12,688	1,738	16,503
Rental, hiring & real estate services	38,385	1,335	1,791	41,511
Professional, scientific, technical, administrative and support services	1,147	21	563	1,731
Public administration and safety	181	15,709	1,047	16,937
Health care and social assistance	939	7	334	1,280
Households	88,767	342	14,826	103,935
All other New Zealand residents1	1,160	67	1,373	2,600
Subtotal	158,907	30,921	31,805	221,633
Overseas
Finance and insurance services	59	22,516	293	22,868
Households	1,557	6	-	1,563
All other non-New Zealand residents	657	222	-	879
Subtotal	2,273	22,744	293	25,310
Gross subtotal	161,180	53,665	32,098	246,943
Allowance for ECL	(666)	-	(139)	(805)
Subtotal	160,514	53,665	31,959	246,138
Unearned income	(24)	-	-	(24)
Capitalised brokerage and other origination costs	749	-	-	749
Maximum exposure to credit risk	161,239	53,665	31,959	246,863

1 Other includes exposures to information media and telecommunications, education and training; arts and recreation services; and other services.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B2. Additional financial disclosures (continued)

Additional information on concentrations of funding

Analysis of funding liabilities by industry is based on ANZSIC codes. The significant categories shown are the level one NZSIOC.

As at 31 March 2026
NZ$m

Funding composition
Customer deposits	149,047
Wholesale funding
Debt issuances	20,472
Certificates of deposit	2,165
Commercial paper	2,548
Other borrowings	3,508
Total wholesale funding	28,693
Total deposits and wholesale funding	177,740
Customer deposits by industry - New Zealand residents
Agriculture, forestry and fishing	5,075
Mining	252
Manufacturing	3,540
Construction	3,408
Wholesale trade	2,575
Retail trade and accommodation	2,751
Transport, postal and warehousing	1,225
Financial and insurance services	15,535
Rental, hiring and real estate services	3,867
Professional, scientific, technical, administrative and support services	7,258
Public administration and safety	1,843
Health care and social assistance	1,759
Arts, recreation and other services	2,339
Households	82,775
All other New Zealand residents¹	3,747
Subtotal	137,949
Customer deposits by industry - overseas
Households	10,449
All other non-New Zealand residents	649
Subtotal	11,098
Total customer deposits	149,047
Wholesale funding (financial and insurance services industry)
New Zealand	7,554
Overseas	21,139
Total wholesale funding	28,693
Total deposits and wholesale funding	177,740
Concentrations of funding by geography
New Zealand	145,503
Australia	1,955
United States	14,086
Europe	8,135
Other countries	8,061
Total deposits and wholesale funding	177,740

¹ Other includes electricity, gas, water and waste services; information media and telecommunications; and education and training.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B2. Additional financial disclosures (continued)

Additional information on interest rate sensitivity

The following table represents the interest rate sensitivity of the Banking Group's assets, liabilities and off-balance sheet instruments by showing the periods in which these instruments may reprice, that is, when interest rates applicable to each asset or liability can be changed.

As at 31 March 2026	Total NZ$m	Up to 3 months NZ$m	Over 3 to 6 months NZ$m	Over 6 to 12 months NZ$m	Over 1 to 2 years NZ$m	Over 2 years NZ$m	Not bearing interest¹ NZ$m
Assets
Cash and cash equivalents	16,647	16,305	-	-	-	-	342
Settlement balances receivable	484	-	-	-	-	-	484
Collateral paid	1,077	1,077	-	-	-	-	-
Trading securities	6,749	877	503	442	1,199	3,728	-
Derivative financial instruments	12,152	-	-	-	-	-	12,152
Investment securities	15,885	354	-	344	2,046	13,135	6
Net loans and advances	161,239	69,792	18,254	33,911	29,033	10,121	128
Other financial assets	872	-	-	-	-	-	872
Total financial assets	215,105	88,405	18,757	34,697	32,278	26,984	13,984
Liabilities
Settlement balances payable	6,575	2,987	-	-	-	-	3,588
Collateral received	1,688	1,688	-	-	-	-	-
Deposits and other borrowings	157,268	102,146	18,887	10,879	3,447	2,986	18,923
Derivative financial instruments	11,119	-	-	-	-	-	11,119
Debt issuances	20,472	4,365	1,583	1,474	5,635	7,415	-
Lease liabilities	222	13	13	26	51	119	-
Other financial liabilities	945	303	-	-	-	-	642
Total financial liabilities	198,289	111,502	20,483	12,379	9,133	10,520	34,272
Hedging instruments	-	6,107	6,433	2,751	(12,416)	(2,875)	-
Interest sensitivity gap	16,816	(16,990)	4,707	25,069	10,729	13,589	(20,288)

¹ Excludes non-coupon bearing discounted financial assets and financial liabilities which are shown as repricing on their maturity date.

Additional information on liquidity risk

Maturity analysis of financial liabilities

The table below provides residual contractual maturity analysis of financial liabilities at 31 March 2026 within relevant maturity groupings. All outstanding debt issuances are profiled on the earliest date on which the Banking Group may pay. The amounts represent principal and interest cash flows – so they may differ from equivalent amounts reported on the Balance Sheet.

As at 31 March 2026	On demand NZ$m	Less than 3 months NZ$m	3 to 12 months NZ$m	1 to 5 years NZ$m	After 5 years NZ$m	Total NZ$m
Settlement balances payable	3,617	2,978	-	-	-	6,595
Collateral received	-	1,688	-	-	-	1,688
Deposits and other borrowings	86,818	34,418	30,707	7,040	-	158,983
Derivative financial liabilities (trading)	-	11,099	-	-	-	11,099
Debt issuances¹	-	2,719	3,685	16,000	-	22,404
Lease liabilities	-	15	45	144	51	255
Other financial liabilities	-	208	6	183	238	635
Derivative financial instruments (balance sheet management)
- gross inflows	-	(356)	3,285	7,068	744	10,741
- gross outflows	-	263	(3,453)	(7,380)	(849)	(11,419)

¹ Any callable wholesale debt instruments have been included at their next call date.

At 31 March 2026, NZ$32,098 million of its credit related commitments and contingent liabilities mature in less than 1 year, based on the earliest date on which the Banking Group may be required to pay.

Registered bank disclosures

ANZ Bank New Zealand Limited
unaudited

B2. Additional financial disclosures (continued)

Liquidity portfolio management

The Banking Group holds a diversified portfolio of cash and high quality securities primarily to support liquidity risk management. The size of the Banking Group's liquidity portfolio is determined with consideration of the amount required to meet the requirements of its internal and regulatory liquidity scenario metrics.

As at 31 March 2026	NZ$m
Central and local government bonds	18,054
Government treasury bills	370
Certificates of deposit	577
Other bonds	6,834
Securities held to support liquidity risk management	25,835
Cash and balances with central banks	7,501
Assets held to support liquidity risk management	33,336

Assets held in the Banking Group's liquidity portfolio are all denominated in New Zealand dollars and include balances held with RBNZ and securities issued by the New Zealand Government, supranational agencies, highly rated banks, state owned enterprises, local authorities (including through a funding authority) and highly rated corporates.

The Bank also held unencumbered internal residential mortgage backed securities (RMBS) which would be accepted as collateral by RBNZ in repurchase transactions. These holdings would entitle the Bank to enter into repurchase transactions with RBNZ with a value of NZ$11,922 million at 31 March 2026 (September 2025: NZ$11,441 million).

RBNZ Term Lending Facility (TLF) and Funding for Lending Programme (FLP)

Between May 2020 and July 2021, RBNZ made funds available under the TLF to promote lending to businesses. The TLF is a five-year secured funding facility for New Zealand banks at a fixed rate of 0.25%.
Between December 2020 and December 2022, RBNZ made funds available under the FLP to lower the cost of borrowing for New Zealand businesses and households. The FLP was a three-year secured funding facility for New Zealand banks at a floating rate of the New Zealand Official Cash Rate (OCR).

As at 31 March 2026, the Bank had NZ$130 million drawn under the TLF (September 2025: NZ$165 million) and had fully repaid the amounts previously drawn under the FLP (September 2025: NZ$1,000 million drawn). These amounts are included in securities sold under repurchase agreements in Note 6 Deposits and other borrowings.

Reconciliation of mortgage related amounts

As at 31 March 2026	Note	NZ$m
Term loans - housing¹	4	118,608
Less: housing loans made to corporate customers		(1,589)
Add: unsettled re-purchases of mortgages from the NZ Branch		2
On-balance sheet residential mortgage exposures subject to the IRB approach (per asset quality and LVR analysis)	B3, B4	117,021
Add: off-balance sheet residential mortgage exposures subject to the IRB approach (per asset quality and LVR analysis)	B3, B4	10,718
Total residential mortgage exposures subject to the IRB approach (per LVR analysis)	B4	127,739

¹ Term loans – housing includes loans secured over residential property for owner-occupier, residential property investment and business purposes.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B3. Asset quality

This section should be read in conjunction with the estimates, assumptions and judgements included in Note 1 About our interim financial statements, Note 5 Allowance for expected credit losses and Note 8 Credit risk.

Movements in components of loss allowance – total

Net loans and advances at amortised cost	Stage 1 NZ$m	Stage 2 NZ$m	Stage 3		Total NZ$m
			Collectively assessed NZ$m	Individually assessed NZ$m
As at 1 October 2025	188	320	96	64	668
Transfer between stages	54	(51)	(2)	(1)	-
New and increased provisions (net of collective provision releases)	(24)	21	(5)	54	46
Write-backs	-	-	-	(25)	(25)
Recoveries of amounts previously written off	-	-	-	(4)	(4)
Credit impairment charge/(release)	30	(30)	(7)	24	17
Bad debts written-off (excluding recoveries)	-	-	-	(22)	(22)
Add back recoveries of amounts previously written off	-	-	-	4	4
Discount unwind	-	-	-	(1)	(1)
As at 31 March 2026	218	290	89	69	666

Off-balance sheet credit related commitments

As at 1 October 2025	70	57	3	4	134
Transfer between stages	9	(9)	1	(1)	-
New and increased provisions (net of collective provision releases)	6	(1)	-	-	5
Credit impairment charge/(release)	15	(10)	1	(1)	5
As at 31 March 2026	85	47	4	3	139

Impacts of changes in gross financial assets on loss allowances – total

Gross loans and advances at amortised cost

As at 1 October 2025	146,240	9,928	1,240	369	157,777
Net transfers into each stage	573	272	74	39	958
Amounts drawn from new or existing facilities	25,224	810	35	94	26,163
Additions	25,797	1,082	109	133	27,121
Net transfers out of each stage	(367)	(578)	(13)	-	(958)
Amounts repaid	(21,616)	(1,616)	(221)	(97)	(23,550)
Deletions	(21,983)	(2,194)	(234)	(97)	(24,508)
Amounts written off	-	-	-	(22)	(22)
As at 31 March 2026	150,054	8,816	1,115	383	160,368
Loss allowance as at 31 March 2026	218	290	89	69	666

Off-balance sheet credit related commitments

As at 1 October 2025	28,457	1,754	16	23	30,250
Net transfers into each stage	145	21	15	-	181
New and increased facilities and drawn amounts repaid	7,021	195	3	4	7,223
Additions	7,166	216	18	4	7,404
Net transfers out of each stage	(25)	(145)	-	(11)	(181)
Reduced facilities and amounts drawn	(4,911)	(454)	(7)	(3)	(5,375)
Deletions	(4,936)	(599)	(7)	(14)	(5,556)
As at 31 March 2026	30,687	1,371	27	13	32,098
Loss allowance as at 31 March 2026	85	47	4	3	139

Explanation of how changes in the gross carrying amounts of gross loans and advances contributed to changes in loss allowance

Overall, loss allowances are 0.42% of gross balances as at 31 March 2026, down from 0.43% as at 30 September 2025. The NZ$3 million (0.4%) increase in loss allowances was primarily driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected credit losses, partially offset by a decrease in the proportion of gross balances in Stage 2 and Stage 3; and a release of management temporary adjustments.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B3. Asset quality (continued)

Movements in components of loss allowance – residential mortgages

Net loans and advances at amortised cost	Stage 1 NZ$m	Stage 2 NZ$m	Stage 3		Total NZ$m
			Collectively assessed NZ$m	Individually assessed NZ$m
As at 1 October 2025	47	65	50	21	183
Transfer between stages	12	(10)	(2)	-	-
New and increased provisions (net of collective provision releases)	(13)	5	1	13	6
Write-backs	-	-	-	(10)	(10)
Recoveries of amounts previously written off	-	-	-	-	-
Credit impairment charge/(release)	(1)	(5)	(1)	3	(4)
Bad debts written-off (excluding recoveries)	-	-	-	-	-
Add back recoveries of amounts previously written off	-	-	-	-	-
Discount unwind	-	-	-	-	-
As at 31 March 2026	46	60	49	24	179

Off-balance sheet credit related commitments

As at 1 October 2025	1	-	-	-	1
Transfer between stages	-	-	-	-	-
New and increased provisions (net of collective provision releases)	-	-	-	-	-
Credit impairment charge/(release)	-	-	-	-	-
As at 31 March 2026	1	-	-	-	1

Impacts of changes in gross financial assets on loss allowances - residential mortgages

Gross loans and advances at amortised cost

As at 1 October 2025	109,088	4,148	979	97	114,312
Net transfers into each stage	-	261	65	20	346
Amounts drawn from new or existing facilities	18,154	345	6	40	18,545
Additions	18,154	606	71	60	18,891
Net transfers out of each stage	(346)	-	-	-	(346)
Amounts repaid	(15,075)	(579)	(139)	(43)	(15,836)
Deletions	(15,421)	(579)	(139)	(43)	(16,182)
Amounts written off	-	-	-	-	-
As at 31 March 2026	111,821	4,175	911	114	117,021
Loss allowance as at 31 March 2026	46	60	49	24	179

Off-balance sheet credit related commitments

As at 1 October 2025	10,198	64	1	-	10,263
Net transfers into each stage	-	18	-	-	18
New and increased facilities and drawn amounts repaid	1,865	12	-	-	1,877
Additions	1,865	30	-	-	1,895
Net transfers out of each stage	(18)	-	-	-	(18)
Reduced facilities and amounts drawn	(1,413)	(9)	-	-	(1,422)
Deletions	(1,431)	(9)	-	-	(1,440)
As at 31 March 2026	10,632	85	1	-	10,718
Loss allowance as at 31 March 2026	1	-	-	-	1

Explanation of how changes in the gross carrying amounts of residential mortgages contributed to changes in loss allowance

The NZ$4 million (2.2%) decrease in loss allowances on residential mortgage exposures is primarily driven by a release of management temporary adjustments, partially offset by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected credit losses and an increase in the proportion of gross balances in Stage 2 and Stage 3. Overall loss allowances and individually impaired exposures remain low, reflecting that approximately 90% of on-balance sheet residential mortgage exposures have loan to valuation ratios not exceeding 80% (refer to page 38).

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B3. Asset quality (continued)

Movements in components of loss allowance – other retail exposures

Net loans and advances at amortised cost	Stage 1 NZ$m	Stage 2 NZ$m	Stage 3		Total NZ$m
			Collectively assessed NZ$m	Individually assessed NZ$m
As at 1 October 2025	3	38	14	-	55
Transfer between stages	3	(3)	-	-	-
New and increased provisions (net of collective provision releases)	8	(21)	1	20	8
Write-backs	-	-	-	(1)	(1)
Recoveries of amounts previously written off	-	-	-	(4)	(4)
Credit impairment charge/(release)	11	(24)	1	15	3
Bad debts written-off (excluding recoveries)	-	-	-	(19)	(19)
Add back recoveries of amounts previously written off	-	-	-	4	4
Discount unwind	-	-	-	-	-
As at 31 March 2026	14	14	15	-	43

Off-balance sheet credit related commitments

As at 1 October 2025	11	5	2	-	18
Transfer between stages	2	(2)	-	-	-
New and increased provisions (net of collective provision releases)	(2)	2	-	-	-
Credit impairment charge/(release)	-	-	-	-	-
As at 31 March 2026	11	5	2	-	18

Impacts of changes in gross financial assets on loss allowances - other retail exposures
Gross loans and advances at amortised cost

As at 1 October 2025	2,186	110	31	5	2,332
Net transfers into each stage	-	11	9	1	21
Amounts drawn from new or existing facilities	312	10	3	20	345
Additions	312	21	12	21	366
Net transfers out of each stage	(21)	-	-	-	(21)
Amounts repaid	(295)	(20)	(13)	(1)	(329)
Deletions	(316)	(20)	(13)	(1)	(350)
Amounts written off	-	-	-	(19)	(19)
As at 31 March 2026	2,182	111	30	6	2,329
Loss allowance as at 31 March 2026	14	14	15	-	43

Off-balance sheet credit related commitments

As at 1 October 2025	4,485	28	10	-	4,523
Net transfers into each stage	-	3	4	-	7
New and increased facilities and drawn amounts repaid	206	3	1	-	210
Additions	206	6	5	-	217
Net transfers out of each stage	(7)	-	-	-	(7)
Reduced facilities and amounts drawn	(221)	(6)	(4)	-	(231)
Deletions	(228)	(6)	(4)	-	(238)
As at 31 March 2026	4,463	28	11	-	4,502
Loss allowance as at 31 March 2026	11	5	2	-	18

Explanation of how changes in the gross carrying amounts of other retail exposures contributed to changes in loss allowance

The NZ$12 million (16.4%) decrease in loss allowances is driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected credit losses.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B3. Asset quality (continued)

Movements in components of loss allowance – corporate exposures¹

Net loans and advances at amortised cost	Stage 1 NZ$m	Stage 2 NZ$m	Stage 3		Total NZ$m
			Collectively assessed NZ$m	Individually assessed NZ$m
As at 1 October 2025	138	217	32	43	430
Transfer between stages	39	(38)	-	(1)	-
New and increased provisions (net of collective provision releases)	(19)	37	(7)	21	32
Write-backs	-	-	-	(14)	(14)
Recoveries of amounts previously written off	-	-	-	-	-
Credit impairment charge/(release)	20	(1)	(7)	6	18
Bad debts written-off (excluding recoveries)	-	-	-	(3)	(3)
Add back recoveries of amounts previously written off	-	-	-	-	-
Discount unwind	-	-	-	(1)	(1)
As at 31 March 2026	158	216	25	45	444

Off-balance sheet credit related commitments

As at 1 October 2025	58	52	1	4	115
Transfer between stages	7	(7)	1	(1)	-
New and increased provisions (net of collective provision releases)	8	(3)	-	-	5
Credit impairment charge/(release)	15	(10)	1	(1)	5
As at 31 March 2026	73	42	2	3	120

Impacts of changes in gross financial assets on loss allowances - corporate exposures

Gross loans and advances at amortised cost

As at 1 October 2025	34,966	5,670	230	267	41,133
Net transfers into each stage	573	-	-	18	591
Amounts drawn from new or existing facilities	6,758	455	26	34	7,273
Additions	7,331	455	26	52	7,864
Net transfers out of each stage	-	(578)	(13)	-	(591)
Amounts repaid	(6,246)	(1,017)	(69)	(53)	(7,385)
Deletions	(6,246)	(1,595)	(82)	(53)	(7,976)
Amounts written off	-	-	-	(3)	(3)
As at 31 March 2026	36,051	4,530	174	263	41,018
Loss allowance as at 31 March 2026	158	216	25	45	444

Off-balance sheet credit related commitments

As at 1 October 2025	13,774	1,662	5	23	15,464
Net transfers into each stage	145	-	11	-	156
New and increased facilities and drawn amounts repaid	4,950	180	2	4	5,136
Additions	5,095	180	13	4	5,292
Net transfers out of each stage	-	(145)	-	(11)	(156)
Reduced facilities and amounts drawn	(3,277)	(439)	(3)	(3)	(3,722)
Deletions	(3,277)	(584)	(3)	(14)	(3,878)
As at 31 March 2026	15,592	1,258	15	13	16,878
Loss allowance as at 31 March 2026	73	42	2	3	120

¹ Also includes all other non-retail exposure classes in net loans and advances and off-balance sheet credit related commitments to reconcile to the respective totals for the Banking Group.

Explanation of how changes in the gross carrying amounts of corporate exposures contributed to changes in loss allowance

The NZ$19 million (3.5%) increase in loss allowances is driven by changes in the forward-looking economic scenarios as described in Note 5 Allowance for expected credit losses, partially offset by a reduction in the proportion of gross balances in Stage 2 and Stage 3, and a release of management temporary adjustments.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B3. Asset quality (continued)

Past due assets and other asset quality information

As at 31 March 2026	Residential mortgages NZ$m	Other retail exposures NZ$m	Non-retail exposures NZ$m	Total NZ$m
Past due assets
Less than 30 days past due	594	78	299	971
At least 30 days but less than 60 days past due	362	12	65	439
At least 60 days but less than 90 days past due	233	8	1	242
At least 90 days past due	828	22	41	891
Total past due but not individually impaired	2,017	120	406	2,543
Other asset quality information
Undrawn facilities with individually impaired customers	-	-	13	13
Other assets under administration	1	1	-	2

Asset quality for financial assets designated at fair value

The Banking Group has no financial assets designated at FVTPL where changes in fair value are attributable to the credit risk of the financial asset.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

B4. Capital adequacy under the internal models based approach, and regulatory liquidity ratios

RBNZ capital ratios

As at	RBNZ minimum		Banking Group		Bank (Solo Consolidated)
	31 Mar 26	31 Mar 25	31 Mar 26	31 Mar 25	31 Mar 26	31 Mar 25
Common equity tier 1 capital	4.5%	4.5%	12.7%	12.8%	12.5%	12.6%
Tier 1 capital	7.0%	7.0%	15.0%	15.2%	14.8%	15.0%
Total capital	9.0%	9.0%	17.1%	17.4%	16.9%	17.2%
Prudential capital buffer ratio	5.5%	4.5%	8.0%	8.2%	n/a	n/a

Capital

As at 31 March 2026	NZ$m
Tier 1 capital
Common equity tier 1 (CET1) capital
Paid up ordinary shares issued by the Bank	15,988
Retained earnings (net of appropriations)1	2,305
Accumulated other comprehensive income and other disclosed reserves2	124
Less deductions from CET1 capital
Goodwill and intangible assets, net of associated deferred tax liabilities	(3,104)
Deferred tax assets less deferred tax liabilities relating to temporary differences	(416)
Cash flow hedge reserve	(82)
Defined benefit superannuation plan surplus	(36)
Expected losses to the extent greater than total eligible allowances for impairment	(206)
CET1 capital	14,573
AT1 capital
NZD 1,692m perpetual preference shares3	1,692
Transitional AT1 capital
NZD 938m ANZ NZ ICN4	938
AT1 capital	2,630
Total tier 1 capital	17,203
Tier 2 capital
NZD 600m subordinated notes4	600
USD 1,000m subordinated notes4	1,751
Tier 2 capital	2,351
Total capital	19,554

1 Includes a deduction for dividends on AT1 capital instruments approved by the Bank's board, but not yet paid as at 31 March 2026, as required by BPR110 Capital Definitions. These dividends are not recognised under NZ GAAP because the payment of the dividends remains at the Bank's discretion until payment is made.
2 Includes the cash flow hedging reserve of NZ$83 million and the FVOCI reserve of NZ$41 million as at 31 March 2026.
3 Classified as equity on the balance sheet under NZ GAAP.
4 Classified as a liability on the balance sheet under NZ GAAP.

Registered bank disclosures

ANZ Bank New Zealand Limited
unaudited

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

Total capital requirements of the Banking Group

As at 31 March 2026	Total exposure after credit risk mitigation NZ$m	Risk weighted exposure or implied risk weighted exposure NZ$m	Total capital requirement NZ$m
Exposures subject to internal ratings based approach	182,871	72,427	6,518
Specialised lending exposures subject to the slotting approach	9,895	9,463	852
Exposures subject to the standardised approach	39,769	5,325	479
Output floor balancing item	n/a	6,796	612
Total credit risk	232,535	94,011	8,461
Market risk	n/a	7,574	682
Operational risk	n/a	12,964	1,167
Total	n/a	114,549	10,310

Capital structure

Ordinary shares – CET1 capital

Ordinary shares have no par value. Each fully paid ordinary share gives the holder the right to one vote on a poll at a general meeting of the Bank. Ordinary shares are recognised at the amount paid per ordinary share net of directly attributable costs. They entitle holders to receive dividends, and surplus assets available in a liquidation of the Bank, in proportion to the number of fully paid ordinary shares held.

Perpetual preference shares – AT1 capital

Perpetual preference shares (PPS) do not carry any voting rights. They are classified as equity instruments as there is no contractual obligation for the Bank to either deliver cash or another financial instrument or to exchange financial instruments on a potentially unfavourable basis.

In the event of liquidation, holders of PPS are entitled to an amount equal to the issue price of the PPS. Holders of PPS rank behind the claims of all depositors and other creditors of the Bank (other than creditors that rank equally with the PPS), equally with the rights of other holders of the PPS, AT1 capital notes and other equal ranking securities and obligations, and in priority to the rights of holders of ordinary shares.

Holders of PPS are entitled to receive dividends that are discretionary, non-cumulative and subject to conditions. If a PPS dividend is not paid, there are certain restrictions on the ability of the Bank to pay a dividend on its ordinary shares. Holders of the PPS have no other rights to participate in the profits or property of the Bank.

Holders of PPS have no right to require that the PPS be redeemed.

The Bank has three classes of PPS: PPS issued in 2022 and 2024 that are quoted on the NZX Debt Market (Quoted PPS), and PPS issued to the Immediate Parent Company in 2024 (2024 PPS).

PPS qualify for AT1 capital for RBNZ's capital adequacy purposes.

The key terms of the PPS are as follows:

	2022 Quoted PPS	2024 Quoted PPS	2024 PPS
Issue date	18 July 2022	19 March 2024	18 September 2024
Issue amount	NZ$550 million	NZ$275 million	NZ$867 million
First optional redemption date	18 July 2028	19 March 2030	18 October 2030
Final maturity date	Perpetual	Perpetual	Perpetual
Dividend amount	6.95% per annum until 18 July 2028 (after which it changes to a floating rate equal to the New Zealand 3-month bank bill rate plus 3.25%), multiplied by one minus the New Zealand company tax rate (where the PPS dividend is fully imputed).	7.60% per annum until 19 March 2030 (after which it changes to a floating rate equal to the New Zealand 3-month bank bill rate plus 3.25%), multiplied by one minus the New Zealand company tax rate (where the PPS dividend is fully imputed).	Floating rate equal to the New Zealand 3-month bank bill rate plus 3.03%.

As at 31 March 2026, the Quoted PPS carried a BBB+ credit rating from S&P Global Ratings.

The Bank may, at its option, redeem a class of PPS on an optional redemption date (being each scheduled quarterly dividend payment date from the first optional redemption date), or at any time following the occurrence of a tax event or regulatory event, subject to prior written approval of RBNZ and certain other conditions being met.

In December 2025, RBNZ released its 2025 review of key capital requirements, which stated that it will remove AT1 capital from the regulatory capital framework and that regulatory capital recognition of instruments that qualify as AT1 capital will be fully phased out.

The Bank has determined that a regulatory event has occurred in respect of the PPS. The occurrence of a regulatory event means that the Bank may choose to redeem the PPS at its discretion, subject to certain conditions including prior written approval of RBNZ. As at 5 May 2026, no decision has been made on whether the Bank will redeem the PPS.

Registered bank disclosures

ANZ Bank New Zealand Limited
unaudited

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

ANZ NZ ICN – AT1 capital

ANZ NZ ICN are convertible non-cumulative perpetual subordinated debt securities. Holders of ANZ NZ ICN do not have any right to vote in general meetings of the Bank. ANZ NZ ICN are classified as debt given there are circumstances beyond the Bank's control where the principal is converted into a variable number of ordinary shares of the Bank. Interest payments on ANZ NZ ICN are discretionary, non-cumulative and subject to conditions.

In the event of liquidation, holders of ANZ NZ ICN are entitled to claim an amount equal to the issue price of the ANZ NZ ICN. Holders of ANZ NZ ICN rank behind the claims of all depositors and other creditors of the Bank (other than creditors that rank equally with the ANZ NZ ICN), equally with the rights of holders of PPS, and other equal ranking securities and obligations, and in priority to the rights of holders of ordinary shares.

The Bank issued NZ$938 million of ANZ NZ ICN to NZ Branch in 2016. The key terms of the ANZ NZ ICN notes are as follows:

The interest amount is based on a floating rate equal to the aggregate of the New Zealand 6-month bank bill rate plus 6.29% per annum.

ANZ NZ ICN provide the Bank with a redemption option on specified dates and a redemption or conversion to equity option in certain other circumstances. Redemption is subject to RBNZ's prior written approval. The ANZ NZ ICN will immediately convert into ordinary shares of the Bank if:

the Banking Group's common equity tier 1 capital ratio is equal to or less than 5.125% - known as a Common Equity Capital Trigger Event; or
RBNZ directs the Bank to convert or write-off the ANZ NZ ICN, or a statutory manager is appointed to the Bank and decides that the Bank must convert or write-off the ANZ NZ ICN.

On 17 April 2026, the Bank gave notice to NZ Branch as the holder of the ANZ NZ ICN that it will redeem the ANZ NZ ICN on their optional redemption date in June 2026.

Tier 2 capital

Tier 2 capital notes are fully paid unsecured subordinated notes. Interest payments are subject to the Bank being solvent at the time of, and immediately following, the payment. Unpaid interest accumulates, and will be paid at the earlier of when the Bank is solvent again or at maturity. The Bank may repay the notes early (the next optional call dates are specified below), or in certain other circumstances (such as a tax or regulatory event). Early repayment is subject to certain conditions, including prior written approval from RBNZ.

Currency	Face value	Issue date	Maturity	Next optional call date	Interest rate	Interest reset date	Credit rating²	31 Mar 26 NZ$m
NZD	600m	Sep 2021	Sep 2031	Sep 2026	2.999%	Sep 2026	A	599
USD	500m	Aug 2022	Aug 2032	Aug 2027	5.548%	Aug 2027	A	862
USD	500m	Jul 2024	Jul 2034	Jul 2029	5.898%	Jul 2029	A	888
Total tier 2 capital¹								2,349

¹ Carrying amounts are net of issuance costs and, where applicable, fair value hedge accounting adjustments.
² Credit rating assigned by S&P Global Ratings as at 31 March 2026.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

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

Credit risk subject to the Internal Ratings Based (IRB) approach

IRB credit exposures by exposure class and customer credit rating

As at 31 March 2026	Probability of default %	Total value NZ$m	Exposure at default NZ$m	Exposure-weighted LGD used for the capital calculation %	Exposure-weighted risk weight %	Risk weighted assets NZ$m
Corporate
0 - 2	0.05	73,102	8,816	54	25	2,605
3 - 4	0.36	48,654	19,330	36	42	9,651
5	1.00	31,503	12,773	31	54	8,247
6	2.25	5,544	4,605	32	75	4,122
7 - 8	16.63	2,421	1,837	36	150	3,301
Default	100.00	215	217	33	180	469
Total corporate exposures	1.74	161,439	47,578	38	50	28,395
Residential mortgages
0 - 3	0.15	45,850	46,319	17	6	3,272
4	0.43	25,437	25,488	19	15	4,635
5	0.89	28,027	28,105	21	27	9,052
6	2.17	21,921	21,950	22	49	13,026
7 - 8	5.67	5,477	5,482	22	83	5,443
Default	100.00	1,027	1,029	22	196	2,420
Total residential mortgage exposures	1.75	127,739	128,373	19	25	37,848
Other retail
0 - 2	0.10	479	482	77	49	285
3 - 4	0.26	4,020	4,093	78	56	2,749
5	1.10	1,005	973	77	83	967
6	2.84	597	625	84	109	819
7 - 8	8.33	692	711	87	137	1,165
Default	100.00	38	36	81	434	199
Total other retail exposures	1.98	6,831	6,920	79	74	6,184
Total credit risk exposures subject to the IRB approach	1.75	296,009	182,871	26	33	72,427

IRB credit exposures include the following undrawn commitments and other off-balance sheet contingent liabilities:

As at 31 March 2026	Total value NZ$m	Exposure at default NZ$m
Undrawn commitments and other off-balance sheet contingent liabilities
Corporate	13,343	11,779
Residential mortgages	10,718	11,188
Other retail	4,502	4,535
Counterparty credit risk on derivatives and securities financing transactions
Corporate	114,685	2,189
Total	143,248	29,691

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

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

Additional mortgage information

As required by RBNZ, LVRs are calculated as the current exposure secured by a residential mortgage divided by the Banking Group's valuation of the security property at origination of the exposure. Off-balance sheet exposures include undrawn and partially drawn residential mortgage loans as well as commitments to lend. Commitments to lend are formal offers for housing lending which have been accepted by the customer.

As at 31 March 2026	On-balance sheet NZ$m	Off-balance sheet NZ$m	Total NZ$m
LVR range
Does not exceed 60%	54,558	7,616	62,174
Exceeds 60% and not 70%	21,950	1,325	23,275
Exceeds 70% and not 80%	29,036	1,381	30,417
Does not exceed 80%	105,544	10,322	115,866
Exceeds 80% and not 90%	10,021	286	10,307
Exceeds 90%	1,456	110	1,566
Total	117,021	10,718	127,739

Specialised lending subject to the slotting approach

As at 31 March 2026	Exposures after credit risk mitigation NZ$m	Risk weight %	Risk weighted assets NZ$m
On-balance sheet exposures
Strong	6,158	70	5,173
Good	1,946	90	2,102
Satisfactory	312	115	430
Weak	315	250	943
Default	276	-	-
Off-balance sheet exposures by average risk weight
Undrawn commitments and other off-balance sheet exposures	888	76	815
Total exposures subject to the slotting approach	9,895	80	9,463

The supervisory categories of specialised lending above are associated with specific risk-weights. These categories broadly correspond to the following external credit assessments using S&P Global Ratings' rating scale, Strong: BBB- or better, Good: BB+ or BB, Satisfactory: BB- or B+ and Weak: B to C-.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

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

Credit risk exposures subject to the standardised approach

As at 31 March 2026	Exposure or principal amount NZ$m	Average credit conversion factor %	Exposure after credit risk mitigation NZ$m	Risk weight %	Risk weighted assets NZ$m
On-balance sheet exposures by separate risk weight
Cash and gold bullion			201	-	-
Sovereign and central banks			21,163	-	-
Multilateral development banks and other international organisations			4,546	-	-
Public sector entities			1,775	20	355
Banks - 20% risk weight			1,228	20	246
- 50% risk weight			946	50	473
- 100% risk weight			1	100	1
Equity exposures not deducted from capital
Unlisted equity holdings			6	400	23
Other on-balance sheet exposures by average risk weight
Corporate			81	100	81
Past due assets			-	150	-
Other assets			1,492	100	1,492
Off-balance sheet exposures by average risk weight
Total off balance sheet exposures	2,007	57	1,147	42	487
Counterparty credit risk by average risk weight
Foreign exchange contracts	354,180		4,077	20	817
Interest rate contracts	1,446,113		1,442	20	293
Other	7,573		110	20	22
Credit valuation adjustment					801
Trades settled on Qualifying Central Counterparties (QCCP) by average risk weight
Bank as QCCP clearing member, clearing own trades			1,269	18	228
Collateral posted for clearing own trades			285	2	6
Total exposures subject to the standardised approach			39,769	13	5,325

Credit valuation adjustment

The IRB, slotting and standardised tables above include a Credit valuation adjustment (CVA) capital charge of NZ$101 million, and implied risk weighted exposures for the CVA of NZ$1,265 million.

Credit risk mitigation

As at 31 March 2026, under the IRB approach, the Banking Group had NZ$260 million of corporate exposures covered by guarantees where the presence of the guarantees was judged to reduce the underlying credit risk of the exposures. Information on the value of other exposures covered by financial guarantees and eligible financial collateral is not disclosed, as the effect of these guarantees and collateral on the underlying credit risk exposures is not considered to be material.

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

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

Impact of the standardised floor on total credit RWAs

As at 31 March 2026	Risk weighted assets
	Calculated for compliance purposes NZ$m	Recalculated using the standardised approach NZ$m
Exposures subject to the IRB or slotting approaches¹	81,890	104,335
Standardised floor at 85% of standardised equivalents	n/a	88,686
Output floor adjusting item	6,796	n/a
IRB and slotting RWA with floor applied	88,686	n/a
RWAs for standardised exposures	5,325	n/a
Total credit risk RWAs	94,011	n/a

¹ RWA calculated for compliance purposes includes a scalar of 1.2 as required by BPR 130 Credit Risk RWAs Overview.

Information about RWA recalculated using the standardised approach is in section Standardised equivalents of IRB risk weighted assets on page 42.

In accordance with BPR 130 Credit Risk RWAs Overview, IRB and slotting RWA with standardised floor applied is calculated as the greater of RWA for compliance purposes, and 85% of the total RWA for such exposures calculated using the standardised approach.

Market risk

The aggregate capital charge below has been calculated in accordance with BPR140: Market Risk. Implied risk weighted exposures are equal to 12.5 × aggregate capital charge in accordance with BPR100: Capital Adequacy and as prescribed by the Order. The peak end-of-day market risk exposures are for the six months ended 31 March 2026.

The total capital requirement for market risk exposure calculated at 9% of implied risk weighted exposure is disclosed on page 35.

As at 31 March 2026	Implied risk weighted exposure		Aggregate capital charge
	Period end NZ$m	Peak NZ$m	Period end NZ$m	Peak NZ$m
Interest rate risk	7,494	8,285	599	663
Foreign currency risk	74	86	6	7
Equity risk	6	6	-	-

Operational risk

As required by the Bank's conditions of registration, the Banking Group uses the standardised approach to calculate the total operational risk capital requirement in accordance with BPR150: Standardised Operational Risk.

As at 31 March 2026, the Banking Group had an implied risk weighted exposure of NZ$12,964 million and a total operational risk capital requirement of NZ$1,037 million. The implied risk weighted exposure is equal to 12.5 × total operational risk capital requirement in accordance with BPR100: Capital Adequacy and as prescribed by the Order.

The total capital requirement for operational risk calculated at 9% of implied risk weighted exposure is disclosed on page 35.

Capital for other material risks

The Banking Group has an Internal Capital Adequacy Assessment Process (ICAAP) which complies with the requirements of the Bank's Conditions of Registration. The Banking Group's ICAAP identifies and measures all 'other material risks', which are those material risks that are not explicitly captured in the calculation of the Banking Group's tier 1 and total capital ratios. The Banking Group has identified credit concentration risk as an other material risk. As at 31 March 2026, the Banking Group's internal capital allocation for other material risks is NZ$148 million (March 2025: NZ$140 million).

Registered bank disclosures

ANZ Bank New Zealand Limited
unaudited

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

Information about Ultimate Parent Bank and Overseas Banking Group

APRA Basel III capital ratios

As at	Overseas Banking Group		Ultimate Parent Bank (Extended Licensed Entity)
	31 Mar 26	31 Mar 25	31 Mar 26	31 Mar 25
Common equity tier 1 capital	12.4%	11.8%	12.9%	12.0%
Tier 1 capital	14.0%	13.4%	14.7%	13.9%
Total capital	21.2%	20.4%	23.1%	22.1%

The Ultimate Parent Bank and the Overseas Banking Group are required to hold minimum capital as determined by APRA's capital framework, which is at least equal to that specified under the internationally agreed Basel III framework.

APRA has authorised the Ultimate Parent Bank and the Overseas Banking Group to use:

the Internal Ratings Based (IRB) methodology for calculation of credit risk weighted assets. Where the Overseas Banking Group is not accredited to use the IRB methodology the Overseas Banking Group applies the standardised approach.
the Standardised Measurement Approach (SMA) for the operational risk weighted asset equivalent.

The Overseas Banking Group exceeded the minimum capital requirements set by APRA as at 31 March 2026 and for the comparative prior periods.

The Overseas Banking Group is required to publicly disclose Pillar 3 financial information as at 31 March 2026. The Overseas Banking Group's Pillar 3 disclosure document for the quarter ended 31 March 2026, in accordance with APS 330: Public Disclosure of Prudential Information, discloses capital adequacy ratios and other prudential information. This document can be accessed at the website anz.com.

Regulatory liquidity ratios

RBNZ requires banks to hold minimum amounts of liquid assets to help ensure that they are effectively managing their liquidity risk. The mismatch ratio is a measure of a bank's liquid assets, adjusted for expected cash inflows and outflows during a 1-month or 1-week period of stress. It is expressed as a ratio over the bank's total funding. The Banking Group must maintain its 1-month and 1-week mismatch ratios above zero on a daily basis.

RBNZ requires banks to get a minimum amount of funding from stable sources called core funding. The minimum amount of core funding is 75% of a bank's total loans. The Banking Group must maintain its core funding ratio above the regulatory minimum on a daily basis.

For the three months ended	31 Mar 26	31 Dec 25
Quarterly average 1-week mismatch ratio	7.4%	7.2%
Quarterly average 1-month mismatch ratio	6.5%	6.4%
Quarterly average core funding ratio	90.4%	89.9%

Registered bank disclosures

ANZ Bank New Zealand Limited

unaudited

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

Standardised equivalents of IRB risk weighted assets

Background

This section contains the additional information required by the Order about RWAs and the resulting capital ratios recalculated as if the Bank were subject to the standardised approach for capital adequacy.

Capital adequacy information calculated in accordance with the Bank's conditions of registration is presented in the section above.

Historical comparison with standardised capital ratios and risk weights

As at	31 Mar 26	30 Sep 25	30 Sep 24
	%	%	%
Total capital ratio	17.1	17.4	17.2
Total capital ratio recalculated as if the Bank were not an IRB bank	15.2	15.5	15.4
Actual average risk weight for all modelled credit risk exposures	42.5	42.9	42.2
Standardised equivalent average risk weight for all modelled credit risk exposures	57.8	57.7	57.5

In the table above:

Total capital ratio is the Banking Group's actual capital ratio, calculated in accordance with the Bank's conditions of registration.
Total capital ratio recalculated as if the Bank were not an IRB bank is calculated in accordance with the standardised approach.
Actual average risk weight for all modelled credit risk exposures is calculated as the ratio of total risk weighted assets for all exposures that are subject to the IRB modelling approach or the supervisory slotting approach, including any applicable scalar and credit risk supervisory adjustments, to total exposure at default for all such exposures.
Standardised equivalent average risk weight for all modelled credit risk exposures is calculated as the ratio of total risk weighted assets for all exposures subject to the IRB modelling approach or the supervisory slotting approach recalculated as if the Bank was a standardised bank, to total on-balance sheet exposures and credit equivalent amounts for all such exposures, defined in accordance with the standardised risk-weighting approach in BPR131 Standardised Credit Risk RWAs.

Standardised equivalent capital ratios

As at 31 March 2026	CET 1 capital		Tier 1 capital	Total capital
Standardised equivalent capital amount	NZ$m	14,779	17,409	19,760
Standardised equivalent total RWAs	NZ$m	130,172	130,172	130,172
Ratio		11.4%	13.4%	15.2%

The standardised equivalent of the Banking Group capital and the Banking Group reported capital amounts are different due to 'Expected losses to the extent greater than total eligible allowances for impairment' which only applies under the IRB approach.

The standardised equivalent of the Banking Group total RWAs and the Banking Group reported total RWAs amounts are different due to (i) credit RWAs as the Banking Group is accredited to report under BPR133 IRB Credit Risk RWAs whereas credit RWAs are recalculated under BPR131 Standardised Credit Risk RWAs for dual reporting purposes and (ii) CVA for credit risk exposures subject to the standardised approach.

Credit risk: standardised equivalents of IRB risk weighted assets

As at 31 March 2026	IRB approach		Standardised equivalent
	Exposure NZ$m	Risk weighted assets NZ$m	Exposure NZ$m	Risk weighted assets NZ$m
Corporate	47,578	28,395	43,134	41,619
Residential mortgages	128,373	37,848	122,946	48,222
Other retail	6,920	6,184	4,624	4,640
Specialised lending subject to the slotting approach	9,895	9,463	9,714	9,854
Total	192,766	81,890	180,418	104,335

Registered bank disclosures

ANZ Bank New Zealand Limited
unaudited

B5. Concentration of credit exposures to individual counterparties

The Banking Group measures its concentration of credit exposures to individual counterparties at the reporting date on the basis of actual exposures. Peak end-of-day aggregate credit exposures are measured on the basis of internal limits that were not materially exceeded between the reporting date for the previous disclosure statement and the reporting date for the Disclosure Statement.

The exposure information in the table below excludes exposures to:

connected persons (i.e. other members of the Overseas Banking Group and Directors of the Bank);
the central government or central bank of any country with a long-term credit rating of A- or A3 or above, or its equivalent; and
any supranational or quasi-sovereign agency with a long-term credit rating of A- or A3 or above, or its equivalent.

	As at 31 Mar 26	Peak end of day over 6 months to 31 Mar 26
Exposures to banks
Total number of exposures to banks that are greater than 10% of CET1 capital	-	-
with a long-term credit rating of A- or A3 or above, or its equivalent	-	-
with a long-term credit rating of at least BBB- or Baa3, or its equivalent, and at most BBB+ or Baa1, or its equivalent	-	-
Exposures to non-banks
Total number of exposures to non-banks that are greater than 10% of CET1 capital	1	1
with a long-term credit rating of A- or A3 or above, or its equivalent	1	1
- 10% to less than 15% of CET1 capital	1	1
with a long-term credit rating of at least BBB- or Baa3, or its equivalent, and at most BBB+ or Baa1, or its equivalent	-	-

B6. Insurance business

As at 31 March 2026, the Banking Group does not conduct any insurance business.

Registered bank disclosures

ANZ Bank New Zealand Limited

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 six months ended 31 March 2026, after due enquiry, each Director believes that:

Except as noted in 'Non-compliance with conditions of registration 11: compliance with RBNZ's Outsourcing Policy (BS11)' on page 23, ANZ Bank New Zealand Limited has complied in all material respects with each condition of registration that applied during that period$^{1}$;
Credit exposures to connected persons were not contrary to the interests of the Banking Group; and
Except as noted in the 'Non-compliance with conditions of registration 11: compliance with RBNZ's Outsourcing Policy (BS11)' and 'Ultimate Parent Bank enforceable undertaking with APRA and its relevance to the Bank' sections on page 23, ANZ Bank New Zealand Limited had systems in place to monitor and control adequately the Banking Group's material risks, including credit risk, concentration of credit risk, interest rate risk, currency risk, equity risk, liquidity risk, operational risk and other business risks, and that those systems were being properly applied.

$^{1}$ In accordance with the Order, ANZ Bank New Zealand Limited has complied in all material respects with each of its conditions of registration that applied during the period if the RBNZ has not published any information about a breach on its website, and has not notified ANZ Bank New Zealand Limited of any material breach.

This Disclosure Statement is dated, and has been signed by all Directors of the Bank on, 5 May 2026.

Nagaja Sanatkumar

Craig Sims

Scott St John

Carolyn Steele

Mark Tume

Antonia Watson

Mark Whelan

Dame Joan Withers, DNZ

ANZ Bank New Zealand Limited

KPMG

Independent Auditor's Review Report

To the shareholder of ANZ Bank New Zealand Limited

Report on the Registered Bank Disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement

Conclusion

We have completed a review of the accompanying registered bank disclosures of ANZ Bank New Zealand Limited (the Bank) and its subsidiaries (together, the Banking Group) in sections B2, B3, B5 and B6 on pages 24 to 33 and 43 of the Disclosure Statement as at and for the six months ended 31 March 2026, which comprise the information that is required to be disclosed in accordance with Schedules 5, 7, 13, 16 and 18 of Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014 (as amended) (the Order).

Based on our review, nothing has come to our attention that causes us to believe that the accompanying registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement:

does not present fairly, in all material respects, the matters to which they relate; or
are not disclosed, in all material respects, in accordance with those Schedules; or
have not been prepared, in all material respects, in accordance with any condition of registration relating to disclosure requirements, imposed under section 74(4)(c) of the Banking (Prudential Supervision) Act 1989.

Basis for conclusion

We conducted our review of the registered bank disclosures in sections B2, B3, B5 and B6 in accordance with New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor's Responsibilities section of our report.

Our firm has provided services to the Banking Group in relation to review of regulatory returns, internal controls reports, prospectus assurance or reviews, agreed-upon procedures engagements and other assurance engagements. Subject to certain restrictions, partners and employees of our firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of the business of the Banking Group. These matters have not impaired our independence as auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking Group.

Use of this review report

Responsibilities of the Directors

The Directors, on behalf of the Banking Group, are responsible for:

the preparation and fair presentation of the Banking Group registered bank disclosures in sections B1, B2, B3, B5 and B6 of the Disclosure Statement in accordance with Schedules 3, 5, 7, 13, 16 and 18 of the Order; and
implementing necessary internal control to enable the preparation of the registered bank disclosures in sections B1, B2, B3, B5 and B6 of the Disclosure Statement that are free from material misstatement, whether due to fraud or error.

Auditor's responsibilities

Our responsibility is to express a conclusion on the registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement, based on our review.

NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement does not fairly state, in all material respects, the matters to which they relate, in accordance with Schedules 5, 7, 13, 16 and 18 of the Order.

A review of the registered bank disclosures in sections B2, B3, B5 and B6 of the Disclosure Statement prepared in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

For and on behalf of:

KPMG

Wellington

5 May 2026

Limited assurance report

ANZ Bank New Zealand Limited

KPMG

Independent Limited Assurance Report

To the shareholder of ANZ Bank New Zealand Limited

Report on the information relating to Capital Adequacy and Regulatory Liquidity Requirements

Conclusion

Our limited assurance conclusion has been formed on the basis of the matters outlined in this report.

Based on our limited assurance engagement, which is not a reasonable assurance engagement or audit, nothing has come to our attention that would lead us to believe that the information relating to Capital Adequacy and Regulatory Liquidity Requirements of ANZ Bank New Zealand Limited (the Bank) and its subsidiaries (together, the Banking Group), disclosed in section B4 on pages 34 to 42 of the Disclosure Statement, is not, in all material respects, disclosed in accordance with Schedule 11 of the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014 (as amended) (the Order).

Information subject to assurance

We have reviewed the information relating to Capital Adequacy and Regulatory Liquidity Requirements, as disclosed in section B4 of the Disclosure Statement for the six months ended 31 March 2026.

Our conclusion on Capital Adequacy and Regulatory Liquidity Requirements does not extend to any other information included, or referred to, in the Disclosure Statement.

Criteria

The information relating to Capital Adequacy and Regulatory Liquidity Requirements comprises the information that is required to be disclosed in accordance with Schedule 11 of the Order.

Standards we followed

We conducted our limited assurance engagement in accordance with Standard on Assurance Engagements 3100 (Revised) Compliance Engagements (SAE 3100 (Revised)) issued by the New Zealand Auditing and Accounting Standards Board. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our limited conclusion.

Our responsibilities under SAE 3100 (Revised) are further described in the Our responsibility section of our report.

How to interpret limited assurance and material misstatement and non-compliance

A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.

Misstatements, including omissions, within the information relating to Capital Adequacy and Regulatory Liquidity Requirements and non-compliance are considered material if, individually or in aggregate, they could reasonably be expected to influence the relevant decisions of the intended users taken on the basis of the information relating to Capital Adequacy and Regulatory Liquidity Requirements.

Inherent limitations

Because of the inherent limitations of an assurance engagement, together with the internal control structure it is possible that fraud, error or non-compliance with compliance requirements may occur and not be detected.

A limited assurance engagement for the six months ended 31 March 2026 does not provide assurance on whether compliance with Schedule 11 of the Order will continue in the future.

Use of this assurance report

Our report is made solely for the Bank's shareholder. Our assurance work has been undertaken so that we might state to the Bank's shareholder those matters we are required to state to them in the assurance report and for no other purpose.

Our report should not be regarded as suitable to be used or relied on by anyone other than the Bank and the Bank's shareholder for any purpose or in any context. Any other person who obtains access to our report or a copy thereof and chooses to rely on our report (or any part thereof) will do so at its own risk.

To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any of their respective members or employees accept or assume any responsibility and deny all liability to anyone other than the Bank and the Bank's shareholder for our work, for this independent assurance report, and/or for the opinions or conclusions we have reached.

Our conclusion is not modified in respect of this matter.

Responsibilities of the Directors

The Directors of ANZ Bank New Zealand Limited are responsible for the compliance activities undertaken to meet their identified compliance requirements and disclosure of the information relating to Capital Adequacy and Regulatory Liquidity Requirements in accordance with Schedule 11 of the Order. This responsibility includes such internal control as the Directors determine is necessary to enable the identification of risks that threaten the compliance requirements being met, designing and implementing controls which will mitigate those risks, monitor ongoing compliance and to enable the disclosure of the information relating to Capital Adequacy and Regulatory Liquidity Requirements that is free from material misstatement and non-compliance whether due to fraud or error.

Limited assurance report

ANZ Bank New Zealand Limited

Our responsibility

We have responsibility for:

planning and performing the engagement to obtain limited assurance about whether the supplementary information relating to Capital Adequacy and Regulatory Liquidity Requirements is free from material misstatement and non-compliance, whether due to fraud or error;
forming an independent conclusion based on the procedures we have performed and the evidence we have obtained; and
reporting our conclusion to the Bank's shareholder.

Our work was carried out by a multidisciplinary team, including specialists in financial risk management, who assisted with the procedures below. We remain solely responsible for the assurance conclusion.

Summary of the work we performed as the basis of our conclusion

In a limited assurance engagement, the assurance practitioner performs procedures, primarily consisting of discussion and enquiries of management and others within the entity, as appropriate, and observation and walk-throughs, and evaluates the evidence obtained. The procedures selected depend on our judgement, including identifying areas where the risk of material misstatement and non-compliance with Schedule 11 of the Order is likely to arise.

In undertaking limited assurance, the procedures we primarily performed were:

used our professional judgement to plan and perform the engagement to obtain limited assurance that the information relating to Capital Adequacy and Regulatory Liquidity Requirements, is free from material misstatement and non-compliance, whether due to fraud or error;
considered relevant internal controls when designing our assurance procedures, however we do not express a conclusion on the effectiveness of these controls;
ensured that the engagement team possesses the appropriate knowledge, skills and professional competencies;
obtained an understanding of the process, models, data and internal controls implemented over the preparation of the information relating to Capital Adequacy and Regulatory Liquidity Requirements;
performed inquiry and analytical review procedures over Capital Adequacy and Regulatory Liquidity Requirements;
obtained an understanding of the Bank's compliance framework and internal control environment over the information relating to Capital Adequacy and Regulatory Liquidity Requirements, including the Bank's assessment of any matters of non-compliance with the Reserve Bank of New Zealand's Prudential Requirements; and
agreed the information relating to Capital Adequacy and Regulatory Liquidity Requirements, extracted from the Bank's models, accounting records or other supporting documentation to the Disclosure Statement.

The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our independence and quality management

We have complied with the independence and other ethical requirements of Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

The firm applies Professional and Ethical Standard 3 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (PES 3), which requires the firm to design, implement and operate a system of quality control including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Our firm has provided services to the Banking Group in relation to reviews of regulatory returns, internal controls reports, prospectus assurance or reviews, agreed-upon procedures engagements and other assurance engagements. Subject to certain restrictions, partners and employees of our firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of the business of the Banking Group. These matters have not impaired our independence as auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking Group.

KPMG

Wellington

5 May 2026

Limited assurance report

anz.co.nz

ANZ

AI assistant

Australia and New Zealand Banking Group Ltd. — Interim / Quarterly Report 2026

10425_rns_2026-05-06_d06dc05e-b576-46db-9e6d-4fb58f9aafd9.pdf

ANZ Bank New Zealand Limited Registered Bank Disclosure Statement

ANZ Bank New Zealand Limited

Contents

Disclosure Statement

Glossary

Interim Financial Statements

Contents

Condensed Consolidated Interim Financial Statements

Notes to the Condensed Consolidated Interim Financial Statements

Basis of preparation

Financial performance

Financial and non-financial assets

Financial and non-financial liabilities

Financial instrument disclosures

Other disclosures

Limited assurance report 21

Income Statement

Statement of Comprehensive Income

Balance Sheet

Cash Flow Statement

Notes to the Condensed Consolidated Interim Financial Statements

1. About our interim financial statements

Basis of preparation

Basis of measurement and presentation

Key judgements and estimates

2. Other operating income

3. Segment reporting

Description of segments

Personal

Business & Agri

Institutional

Other

Operating segments

3. Segment reporting (continued)

Other segment

4. Net loans and advances

5. Allowance for expected credit losses

Net loans and advances - at amortised cost

Off-balance sheet commitments - undrawn and contingent facilities

Credit impairment charge - Income Statement

Credit impairment charge/(release) analysis

5. Allowance for expected credit losses (continued)

Key judgements and estimates

Collectively assessed allowance for expected credit losses

Base case economic forecast assumptions

Probability weightings

5. Allowance for expected credit losses (continued)

Key judgements and estimates

ECL - Sensitivity analysis

Individually assessed allowance for expected credit losses

6. Deposits and other borrowings

7. Debt issuances

8. Credit risk

Maximum exposure to credit risk

Credit quality

8. Credit risk (continued)

9. Fair value of financial assets and financial liabilities

Classification of financial assets and financial liabilities

Financial assets and financial liabilities measured at fair value

Fair value designation

Fair value approach and valuation techniques

9. Fair value of financial assets and financial liabilities (continued)

Fair value hierarchy

Financial assets and financial liabilities not measured at fair value

10. Commitments and contingent liabilities

Credit related commitments and contingencies

Other contingent liabilities

Regulatory, customer and third party exposures

Loan information litigation

Warranties and indemnities

11. Subsequent events

Independent Auditor's Review Report

Conclusion

Basis for conclusion

Use of this review report

Responsibilities of the Directors

Auditor's responsibilities

Australia and New Zealand Banking Group Ltd. Interim / Quarterly Report 2026