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

PEP seeking payday from UP Education
Finance

PEP seeking payday from UP Education

UP Education is a NZ success story in Australia.

FNZ extends controversial catch-up offer
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
The cost of over-regulated banking: $10b to $14.4b a year
Finance

The cost of over-regulated banking: $10b to $14.4b a year

Critics claim a huge annual cost from 30 years of regulatory creep.

Pattrick Smellie 16 Apr 2025
Blackbull backs Eden Bradfield into Elevation funds
Finance

Blackbull backs Eden Bradfield into Elevation funds

The Christopher Swasbrook-established fund gets new investors and portfolio manager.