BNZ's full-year profits rise almost 17%

Bank of New Zealand has seen slight improvement on its quarter-share of the business lending market, from 25.8% to 26.5%.

The increase was revealed as the bank opened its books on its full-year result today.

Profits rose $88 million or 16.8% to $612 million for the year to September 30, as revenue grew $100 thousand to $1,775 million.

A $2.8 billion or almost 10% growth in retail deposits, to $31.1 billion, helped boost the result.

Overall market share lifted to 18.2% from 17.7%.

BNZ chief executive Andrew Thorburn said lending growth was still modest due to the subdued housing market and weak overall demand for business credit.

“While deleveraging is still a trend, we’re seeing real strength in some corporate balance sheets and well structured companies are taking advantage of sustained demand for New Zealand commodities.”

Impaired loans and resulting bad and doubtful debts charges had fallen $36 million to $151 milllion.

“While we’re seeing a local economy that’s struggling to gain growth momentum we remain optimistic about the long-term economic outlook with favourable stimulus to come from the eventual Christchurch rebuild, solid export volumes and continued global demand for our commodities,” said Mr Thorburn.

BNZ is part way through a $200 million project to refurbish its retail stores and BNZ Partners Business Centres.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6968 0.0030 0.43%
AUD 0.8905 0.0016 0.18%
EUR 0.5920 0.0016 0.27%
GBP 0.5279 0.0018 0.34%
HKD 5.4367 0.0237 0.44%
JPY 79.2720 0.1030 0.13%

Commods

Commodity Price Change Time
Gold Index 1278.6 -9.430 2017-10-20T00:
Oil Brent 57.8 0.550 2017-10-20T00:
Oil Nymex 51.9 0.580 2017-10-20T00:
Silver Index 17.0 -0.177 2017-10-20T00:

Indices

Symbol Open High Last %
NZX 50 8124.1 8142.3 8124.1 0.07%
NASDAQ 6633.4 6640.0 6605.1 0.36%
DAX 13014.6 13014.6 12991.3 0.02%
DJI 23205.2 23328.8 23163.0 0.71%
FTSE 7523.2 7528.0 7523.2 -0.13%
HKSE 28557.8 28557.8 28487.2 -0.52%
NI225 21709.3 21723.6 21457.6 1.11%
ASX 5907.0 5925.3 5907.0 -0.22%