BNZ nabs market share as profit growth slows with economy

BNZ nabs market share as profit growth slows with economy
The bank won customers from its rivals. (Image: BusinessDesk)
Paul McBeth
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...

More Finance

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024