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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket rises as Trump backs down

The S&P/NZX 50 Index closed up 1.01% or 119.78 points.

Tom Raynel 5:59pm

Economy

‘Uncertainty abounds’: Willis on trade war challenges

The impacts for NZ are twofold and will make its economic recovery harder, Willis says.

Rebecca Howard 4:40pm

‘Uncertainty abounds’: Willis on trade war challenges

Infrastructure

Billions needed for Northwest Busway

The rolling maul of transport-related announcements continues.

Oliver Lewis 3:40pm

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Finance

Finance

PEP seeking payday from UP Education

UP Education is a NZ success story in Australia.

Pattrick Smellie 5:00am

Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025