BNZ posts near flat profit amid lower margins and higher expenses

BNZ posts near flat profit. (Image: BNZ)

Thu, 07 Nov 2024

Bank of New Zealand reported a 0.2% decline in full-year net profit, weighed by lower net interest margins and higher operating expenses.The bank, a unit of National Australia Bank (NAB), said its net profit in the 12 months to Sept 30 was $1.5 billion, down $3 million on the prior year. BNZ’s total lending increased by $4.3b or 4.2%, with business lending up by 4.6% or $2b and home lending up by $2.4b or 4.1%. Total customer deposits increased by $3.8b or 4.8%.That was offset by lower interest margins a...

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