BNZ first-half earnings rise 9% as turnaround in dairy cuts bad debt bill

Wed, 03 May 2017

By Paul McBeth May 4 (BusinessDesk) - Bank of New Zealand lifted first-half earnings 9 percent as the local subsidiary of National Australia Bank benefited from a smaller bill for bad debts as a recovery in global dairy prices alleviated stress on farmers' balance sheets, offsetting skinnier lending margins for financiers. Cash earnings, the preferred measure of the Australian-owned banks, rose to $484 million in the six months ended March 31 from $444 million a year earlier. That was largely due to a 46 percent drop in the bank's impair...

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