BNZ's 1H profit and margins ease

Impairment costs are holding steady. (Image: NZME)

Thu, 02 May 2024

Bank of New Zealand said the first-half net profit was down 5.3% on the previous year's first half as operating expenses pushed higher. The local unit of National Australia Bank (NAB) reported a net profit of $762 million in the six months to March 31, down $43m on the same period a year earlier. The results reflect continued growth in BNZ’s lending and deposits and an increase in operating expenses, up $64m or 11.1%, as the bank invested in its people and digital capability, it said.“We are always looking for new way...

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