BNZ has reported a statutory net profit of $1.49 billion after tax in its full year result to September 30, 2025.
The bank said it is down $7 million, or 0.5%, on the previous year.
Revenue decreased at BNZ by 3.7% year on year, while total lending increased 4.6%, with home lending up 6.4% and business lending up 2.2%.
BNZ chief executive Dan Huggins said the result "reflects the current economic environment as New Zealanders continue to navigate an economy that is taking longer than expected to recover".
"BNZ has supported more than 11,500 customers into home ownership, with first home buyers accounting for 33% of all new home loans as they took advantage of relatively flat house prices and lower mortgage rates."
Huggins said nearly 50% of home loan customers are now on interest rates of 5% or less.
"Customers are making the most of the falling interest rate environment by paying their loans down faster, with more than 50% of customers’ home loan accounts projected to be ahead on their repayments by more than two years."
Deposits were also up at BNZ by $4.8 billion or 5.8% on the year prior, taking the total to a record high of $87 billion.
On the economy, Higgins said there was reasons for optimism despite recovery "taking longer than initially expected".
“Interest rates have fallen significantly, and New Zealand’s primary export sector is experiencing buoyant conditions driven by high export prices, a lower NZ dollar, and solid production.
“Manufacturing and tourism activity is recovering, and building consents and job ads are starting to lift after a long period of low activity."
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