BNZ notches up more profit growth on fatter margin

(Image: BNZ)

Thu, 04 May 2023

Bank of New Zealand eked out a 13.5% increase in first-half profit as widening margins more than offset growing charges for bad debts and rising costs, including pay rises. The local unit of National Australia Bank reported a net profit of $805 million in the six months ended March 31, up from $709m a year earlier. Net interest income soared 25.8% to $1.46 billion, due largely to the lender’s net interest margin expanding to 2.45% from 2.04% a year earlier. BNZ’s loan book was up 3.3% at $101b from a year earlier, whereas...

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