The BNZ has reported a lower profit for the year ending September. The BNZ’s annual operating profit fell nearly 12% in the year ended September and the bank cited a challenging year in a highly competitive banking environment as part of the reason. The bank, which is owned by National Australia Bank, reported operating earnings of $1.38billion for the period, down 11.9% on the $1.57billion reported in the previous corresponding period. The total operating profit before tax fell 12.4% to $1.26billion from $1.44billion and the reported profit fell 12% to $913million. The BNZ managed its risks well and took a prudent approach to dairy lending, making provisioning decisions early.

Source: Otago Daily Times October 27, 2016 17:09 UTC