Rabobank NZ posts 26% drop in annual profit, increases provisions for potential losses

Wed, 16 Mar 2016

By Tina Morrison March 16 (BusinessDesk) - Rabobank New Zealand Banking Group posted a 26 percent decline in annual profit as its expense growth exceeded a rise in interest income. Profit fell to $111 million in calendar 2015, from $149 million a year earlier, according to company's accounts that include its branch, bank and capital securities units. Profit at the banking unit fell to $104 million from $105.5 million, and its market share remained stable at 15.3 percent, it said. The group's accounts show its interest expense rose 11 p...

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