UPDATE: BNZ lifts first-half profit 12.2% as lending grows and margins fatten

UPDATE: BNZ lifts first-half profit 12.2% as lending grows and margins fatten
Jenny Ruth
(Updating with comment from 7th paragraph) By Jenny Ruth May 2 (BusinessDesk) - Bank of New Zealand’s first-half net profit jumped 12.2 percent, boosted by gains on the sale of its 25 percent stake in Paymark and increased business and housing lending. 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. It reported a $550 million net profit for the six months ended March, up from $490 million in the same six months a year earlier. “We have...

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