UPDATE BNZ 1Q profit falls on derivative revaluations; loan growth drives underlying earnings

Mon, 18 Feb 2013

(Update includes comments from BNZ throughout) By Paul McBeth Feb. 18 (BusinessDesk) - Bank of New Zealand first-quarter profit sank 56 percent after the local unit of National Australia Bank took bigger impairment charges on its loan book and wrote down the value of financial instruments. Loan growth bolstered underlying earnings. Net profit fell to $126 million in the three months ended Dec. 31 from $289 million a year earlier, according to the lender's general disclosure statement. Net interest income rose 7.8 percent to $388 million, w...

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