The costs of the integrating the IT systems of ANZ's two bank brands in New Zealand wiped out all the notional profit growth for the group in NZ, with the March 2011 profit for the bank easing one per cent, to NZ$478 million, in the half year. Ignoring the costs of the IT integration (which are dealt with in the next article), ANZ New Zealand reported growth of 19 per cent in profit over the last six months, to NZ$605 million. Over the year, growth was 63 per cent. Over both periods, it is the cut in the charge for bad debts that drove the rise in underlying profit, though the bank achieved revenue growth of six per cent over one year. ANZ reported the rise in underlying profit in the context of a flat to declining asset base. Receivables of NZ$95 billion were down one per cent over six months and flat over the year. The bank said it considered provision coverage in NZ (at 2.38 per cent of credit risk weighted assets) was "appropriate to absorb the one-off impacts to credit risk likely to result from the recent earthquakes in Christchurch." On the other hand, management noted that the decrease of NZ$32 million in the underlying individual provision charge may change over the short- to medium-term, though it was "still a little early to fully quantify the impact of the earthquake". According to the......, we believe we already hold sufficient collective provisions to cover foreseeable losses.