Bank of NZ first-half cash earnings rise 4.5% as lending growth drives interest income

Wed, 06 May 2015

By Jonathan Underhill May 7 (BusinessDesk) - Bank of New Zealand, the local unit of National Australia Bank, posted a 4.5 percent gain in cash earnings as growth in housing and business lending, and lower funding costs, drove up net interest income. Cash earnings from New Zealand banking operations rose to $418 million in the six months ended March 31, from $400 million a year earlier, the lender said in a statement. Net interest income climbed 7.8 percent to $804 million. Net profit, which includes fair value accounting adjustments and o...

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