ANZ reported a record $1.77 billion net profit for the year to September 30.

Despite a record $1.77 billion net profit, ANZ is planning to close seven branches over the next two months.

An ANZ spokesman confirmed its Ngaruawahia branch would close on October 21. This leaves the small Waikato town without a bank, other than an ATM machine.

The bank also plans to close its Massey University branch in Palmerston North on October 28, Milton on November 4, Otorohanga on October 28, Te Aroha on November 4 and Hokitika and Waitara on November 11.

KATRINA TANIRAU Westpac is expected to close multiple branches by the end of October.

All closures were subject to consultation with staff and alternative employment options would be provided, the spokesman said.

READ MORE:

* ANZ latest bank to propose branch closures

* Town with no bank on the horizon as ANZ plans to leave Ngaruawahia

* Westpac eyes branch closures

ANZ would keep ATMs in Ngaruawahia, Milton, Otorohanga, Te Aroha, Hokitika and Waitara so customers had access to cash and could make deposits.

It is not known how many jobs will be lost.

ANZ said it did not have plans to close any more branches.

ANZ's proposals come shortly after rival bank Westpac proposed to close up to 19 mostly rural branches.

First Union national organiser Tali Williams said Ngaruawahia ANZ branch staff were devastated by the news.

"They're devastated for their customers and their clients who lose their last bank branch in town," Williams said.