BNZ's annual earnings drop seven per cent to $1.02 billion

BNZ has today announced a full year profit of $1.02 billion, a $7 million or seven per cent decrease on the 2018 financial year.

New Zealand money. Source:

The bank attributes the drop to a number of one-off factors, including a reduction in BNZ’s capitalised software balances and a settlement over earthquake damage to BNZ’s premises in Wellington.

Excluding its specific one-off items, statutory net profit increased by $23 million or 2.2 two per cent.

Business investment levels had new or increased lending issued to more than 16,000 small and medium businesses across New Zealand during the year.

It also had a 25% increase in mortgages for first home buyers.

BNZ chief executive Angie Mentis said the bank had seen growth in lending across business and consumer portfolios.

“This is supported by our continued emphasis on simplifying our products, improving our systems and fixing issues when we find them.

BNZ’s enhanced KiwiSaver offering had 15% year-on-year growth in customers and a 32% increase in funds under management.

The bank also cut 36 products from its range and removed overseas ATMs.

“We are removing barriers, taking the complexity out of banking, investing in technology and accelerating digital solutions,” said Ms Mentis.