BNZ lifts annual net profit 7%, bad debt charges rise

CEO Dan Huggins said businesses have been the NZ economy’s “shock absorber”. (Image: BNZ)

Wed, 09 Nov 2022

Bank of New Zealand lifted its annual net profit by 7% on double-digit net interest income growth despite a big jump in charges against profit for bad debts.Bank of NZ (BNZ) reported a $1.41 billion net profit for the year ended September, up from $1.32b the previous year.Net interest income grew 14.8% to $2.5b while charges against profit for bad debts were $89 million compared with a $37m write-back of charges the previous year.Net interest margin swelled 13 basis points to 2.15% compared with the previous year.The bank said it’s well p...

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