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...

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