BNZ net earnings up nearly 20 percent; dairy and kiwifruit debt a worry

Wed, 30 Oct 2013

Oct 31 (BusinessDesk) – Bank of New Zealand increased its statutory net profit for the year to Sept. 30 by 19.8 percent, to $695 million, although the more reliable guide to its underlying business shows cash earnings rose a more modest 6.3 percent to $788 million. The primary difference between the two numbers is a non-cash item relating to the revaluation of financial instruments, which wiped a notional $233 million off BNZ’s bottom line last year, but only $94 million this year. The bank says it sees a period of sustained economic strengt...

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