The Bank of New Zealand said
its 2012/13 cash earnings rose by $47 million, or 6.3 per
cent, to $788 million over the previous year, continuing the
trend of positive earnings growth of the past three
The National Australia Bank subsidiary said its statutory net
profit - which includes exceptional items and the unrealised
marked-to-market value of its financial instruments - rose by
19.8 per cent or $115 million to $695 million.
The bank's net interest margin - what it makes from the money
it takes in - was 2.36 per cent, down slightly from 2.39 per
cent in the previous year.
Its tier one capital ratio fell to 10.67 per cent from 11.26
per cent in the previous year, while its total qualifying
capital ratio dropped to 12.59 per cent from 13.29 per cent.
BNZ's drive for customer deposits had achieved "excellent"
growth over the year, with average volumes increasing by $4.0
billion or 11.6 per cent, the bank said in a statement. Its
market share in deposits had also grown 49 basis points to
19.3 per cent.
BNZ chief executive Andrew Thorburn said the result reflected
strong performance, despite "an environment of intense
competition". Thorburn said the bank's agribusiness unit grew
its market share by 29 basis points to 22.0 per cent. Average
lending volumes across BNZ's business lending grew by $1.6
billion, or 5.6 per cent over the last financial year. Home
lending grew by $1.1b, or 3.9 per cent while bad and doubtful
debts remained relatively flat.
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