One-offs dent profit at BNZ Bank
Expenses jump 57% on software reduction costs.
Total lending was up $5.1b to $113.6b.
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BNZ Bank’s profit has slipped 38% to $494 million due to a one-off reduction to its software assets after changes to its software capitalisation policy.
That was down from a first half profit of $795m last year. Excluding the one-off adjustment, BNZ’s net profit was down $48m to $747m.
Revenue
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