BNZ nabs market share as profit growth slows with economy

The bank won customers from its rivals. (Image: BusinessDesk)

Thu, 09 Nov 2023

Bank of New Zealand picked up more of the nation’s mortgage market as the lender’s pace of profit growth slowed in a cooling economy. The local unit of National Australia Bank (NAB) reported a net profit of $1.51 billion in the 12 months ended Sept 30, up from $1.41b a year earlier, as its net interest margin widened to 2.4% from 2.15% a year earlier. While the bank’s profit grew at an annual pace of 6.7%, that slowed from the 13.5% pace it was tracking at in the first half. “Inflation, while sof...

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