ANZ, the largest bank in New Zealand, reported a 3% drop in profit for the latest quarter. The decline comes as the bank faces increased competition in the mortgage market. Despite the reduction, ANZ still recorded an after-cash profit of $2.3 billion. The bank attributed the profit drop to heightened competition, particularly in the mortgage sector. This follows similar trends seen with Westpac and BNZ, which also reported profit declines. ANZ remains a major financial institution in the country, continuing to generate substantial earnings. The results reflect broader challenges in the banking sector. The bank did not provide further details on future performance expectations. The financial landscape in New Zealand continues to evolve with changing market conditions.