BNZ's net profit falls slightly as bad debts rise

By 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...