BNZ defends big profit increase on eve of FMA conduct report

Thu, 01 Nov 2018

By Nikki Mandow Nov. 2 (BusinessDesk) - As the banking industry holds its breath for the verdict on bank conduct and culture next Monday from the Reserve Bank and Financial Markets Authority, BNZ is defending its almost double-digit profit boost announced yesterday. BNZ’s net profit rose 9.8 percent in the year ended September 30, sneaking just over $1 billion. Total operating revenue was up 6.2 percent to $2.5 billion. On Wednesday, ANZ New Zealand reported an even larger net profit increase - up 12 percent to $1.99 billion, including...

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