BNZ lifts half year cash earnings
Bank of New Zealand lifted its half year cash earnings 11 percent from a year earlier to $283 million, while the increase from the preceding six months was 5.2 percent.
Bank of New Zealand lifted its half year cash earnings 11 percent from a year earlier to $283 million, while the increase from the preceding six months was 5.2 percent.
Net interest earnings for the six months to March 31 were up 7.6 percent from the year before to $640m, although only $2m up from the September half year.
BNZ chief executive Andrew Thorburn said the result was built on good revenue and deposit growth, prudent cost management, and the bank's ability to bring innovative new products and services to the local market.
Retail deposits were up 9.7 percent from a year earlier, and 5.6 percent from the preceding half year, to $30.4 billion. Market share was up to 18.1 percent from 17.5 percent a year earlier.
The rise in customer deposits, along with diversifying and lengthening the bank's wholesale term funding profile with its pioneering issuance of covered bonds had strengthened the fundamentals of the bank, Mr Thorburn said today.
Lending growth remained modest due to the subdued housing market and as many businesses remained focused on deleveraging rather than expansion.
NZPA
Thu, 05 May 2011
Thu, 05 May 2011
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BNZ lifts half year cash earnings
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