Like the other major banks, BNZ has fattened its net interest margin, but not by as much.
Bank profits should fall when interest rates are falling but two of New Zealand's largest banks, ANZ Bank NZ and Westpac, are reporting improved profitability.
The dispute between George Kerr and BNZ is heating up.
ANZ Bank NZ is the latest bank to report fattening net interest margins despite the very low interest-rate environment.