BNZ's net profit falls slightly as bad debts rise

BNZ's net profit falls slightly as bad debts rise
Jenny Ruth
Bank of New Zealand's annual net profit fell marginally as operating expenses rose faster than net interest income and as charges against profit for bad debts jumped 39 percent, although they remain low.The bank, which is owned by National Australia Bank and is the smallest of the "big four" mortgage lenders but the second largest by total assets, reported a net profit of $1.02 billion for the year ended September, down from $1.03 billion the previous year.BNZ says its bottom line was hit by software write-downs, offset by a profit from selling...

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