No profit, no capital: BNZ defends record profits amid intense parliamentary scrutiny

BNZ chief executive Dan Huggins says the bank holds five times more capital today than in 2003. (Image: BNZ)

Wed, 11 Dec 2024

The last of the big four banks to appear before the banking inquiry has defended its record profits in sometimes testy exchanges with members of Parliament. Bank of New Zealand (BNZ) chief executive Dan Huggins and chair Warwick Hunt fronted up to the Finance and Expenditure Committee’s banking inquiry on Wednesday morning. The duo were pressed on whether there was intense competition in banking as BNZ claimed, whether BNZ was hiking costs to rural customers because of climate rules and whether Reserve Bank of NZ...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On the Money: NZ's Don Johnson and more ...

Who did the PM crown as the "Don Johnson of New Zealand"?

Dileepa Fonseka 15 Feb 2025

Opinion

Simon Robertson: One good Trump idea we should steal

A sovereign wealth fund for NZ?

Simon Robertson 15 Feb 2025

Energy Opinion

The black market for oil will continue to thrive

Unless the West accepts higher prices, Russia and co will carry on evading sanctions.

Bloomberg 15 Feb 2025

The black market for oil will continue to thrive

Sponsored

Investing in US technology: Navigating a high-speed sector

A new exchange-traded fund gives Kiwis access to US tech giants.

Smart Invest

Sponsored

Security of supply: Marsden Point isn’t the issue as assurance offered for liquid fuel supply

How NZ will stay fuelled despite major global supply risks.

Z Energy

More Finance

Finance

Toy entrepreneur quashes spec of NZME takeover

Zuru founder Nick Mowbray says a report speculating he could take over private media company NZME is wrong. On Friday morning, The Australian’s Data Room said “some wealthy Kiwis” were plotting to do something about the state of New Zealand’s media industry and cited Mowbray as a...

Victoria Young 14 Feb 2025