BNZ annual net profit fell 25.4% on covid-related charges

Thu, 05 Nov 2020

Bank of New Zealand's annual net profit fell 25.4 percent after its charges for bad loans nearly trebled as a result of the impact of covid-19.BNZ's net profit for the year ended Sept. 30 fell to $762 million from $1.02 billion a year earlier with charges for bad loans jumping to $300 million from $114 million."It has been a challenging year and I'm proud of how our people have responded," said chief executive Angie Mentis in a statement announcing the results."Since March this year, we've had tens of thousands of...

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