Bank of New Zealand FY cash earnings climb 21 percent as mortgage demand widens margins

Tue, 30 Oct 2012

Oct. 31 (BusinessDesk) – Bank of New Zealand, the local unit of National Australia Bank, posted a 21 percent gain in cash earnings, saying its net interest margin widened on demand for variable rate mortgages. Cash earnings rose to $741 million in the 12 months ended Sept. 30, from $612 million a year earlier, Net operating income climbed 6 percent to $1.88 billion. New Zealand marked a bright spot for National Australia Bank, as the group’s total cash earnings fell 0.5 percent to A$5.4 billion and net profit dropped about 22 percent to A$4....

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