Bank of New Zealand Sees Slight Profit Decline Amid Rising Costs and Lower Margins

Bank of New Zealand (NZX: BNZ), a subsidiary of National Australia Bank (NAB), reported a minor dip in full-year net profit, down 0.2% to $1.5 billion for the year ending September 30. Despite robust lending growth—with total lending up by 4.2% to $4.3 billion, driven by a 4.6% rise in business loans and a 4.1% increase in home loans—profits were constrained by lower net interest margins and higher operating costs. BNZ's customer deposits also grew by $3.8 billion, reflecting a 4.8% increase, which highlights customer confidence amid challenging conditions. The bank faces ongoing pressure on profitability due to the current interest rate environment and increased operational expenses.

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