BNZ annual cash earnings rise 7.9% as increased lending, fatter margins offset dairy write-downs

Tue, 27 Oct 2015

By Paul McBeth Oct. 28 (BusinessDesk) - Bank of New Zealand, the local unit of National Australia Bank, increased annual cash earnings by 7.9 percent as the lender took fatter margins from an expanding loan book, offsetting increased write-downs on its dairy sector loans. Cash earnings for the BNZ group, which includes the bank's capital management and market operations units, rose to $966 million in the 12 months ended Sept. 30 from $895 million a year earlier, the lender said in a statement. Net profit jumped 22 percent to $1.04 billion...

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