BNZ's net profit falls slightly as bad debts rise

Jenny Ruth
Thu, 07 Nov 2019

Bank of New Zealand's annual net profit fell marginally as operating expenses rose faster than net interest income and as charges against profit for bad debts jumped 39 percent, although they remain low.The bank, which is owned by National Australia Bank and is the smallest of the "big four" mortgage lenders but the second largest by total assets, reported a net profit of $1.02 billion for the year ended September, down from $1.03 billion the previous year.BNZ says its bottom line was hit by software write-downs, offset by a profit from selling...
Retail
Ardern hints at mandatory contact tracing for businesses
Victoria Young | Wed, 15 Jul 2020

Prime Minister Jacinda Ardern today warned businesses to encourage contact tracing or she might force it upon them. “My message to businesses is to put that poster up. We’ve always said it was volu...

Economy
GAVIN EVANS: Southland jobs sacrificed to confused energy policy
Gavin Evans | Wed, 15 Jul 2020

The 2,600 jobs to be sacrificed in Southland next year are a high price to pay for confused energy policy and a multi-decade decline in this country’s economic ambitions. Despite the writing being...

Infrastructure
Napier Port quarterly freight volumes slide
Gavin Evans | Wed, 15 Jul 2020

Freight volumes through Napier Port have rebounded from their April trough but remain below year earlier levels. The company, which in May cancelled its interim dividend given the uncertain outlook...