Bank of New Zealand's half-year net profit declines 5.3% to $762m due to increased operating expenses.
Bank of New Zealand (BNZ) reports a half-year net profit of $762m, down 5.3% from last year, amidst a subdued economic environment. The decline in net profit is attributed to an increase in operating expenses, which grew by 11.1% to $641m. Despite higher interest rates and cost of living pressures, CEO Dan Huggins claims this result is "resilient." BNZ's revenue remains largely flat at $1.77bn.
May 01, 2024
6 Articles