BNZ lifts annual net profit 74% to $1.32b

BNZ chief executive Dan Huggins said his bank will help businesses. (Photo: supplied)

Tue, 09 Nov 2021

Bank of New Zealand lifted annual net profit 74% and attributed the improvement to the NZ economy bouncing back, the write-back of covid provisions and one-off profits.The bank, which is owned by National Australia Bank, reported a $1.32 billion net profit for the year ended September compared with $762 million the previous year.The bank wrote back $37m of charges against profit for bad debts compared with last year's $300m charge while gains on financial instruments rose to $277m from $88m the previous year.NAB reported a A$6.36b annual ne...

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