BNZ announces $709 million half-year profit

Source: 1News

The Bank of New Zealand has posted a half-year profit of $709 million, an increase of over 7% - or $49 million - from last year's number.

So how much is the “bank of mum and dad” lending?

Following increased economic uncertainty, BNZ says that a focus on growing small and medium businesses, as well as an increase in revenue has contributed to the profit.

Chief executive Dan Huggins welcomed the results as a reflection of the country’s recovery in a post-Covid environment.

“With uncertainty continuing to dominate the outlook, we’ve set about making life easier and more predictable for our business customers with low-cost lending, and increased flexibility and value in how businesses transact,” he says.

“New Zealand’s business owners deserve the country’s thanks. Over the past two years they’ve poured everything into keeping their doors open and people in jobs."

On Wednesday, New Zealand's largest bank ANZ announced a $1.1 billion first-half profit.