BNZ cash earnings rise 17%
(28 October 2011 – New Zealand) Bank of New Zealand (BNZ) reported higher cash earnings of almost 17 percent in the year to September.
BNZ, a division of National Australia Bank (NAB) reported cash earnings of NZ$612 million (A$469 million), an increase of NZ$88 million over the previous 12 months.
While lending growth was ''modest'' the company said throughout the period the amount of loans which were at least three months past due dropped by NZ$36 million or almost 20 percent.
Chief executive Andrew Thorburn said the fall was a sign of ''recession receding'' and prudent lending.
The results were ''strong'' and while there were challenges ahead Thorburn said BNZ was well positioned.
''It's clear that the world situation is uncertain and volatile, but we believe our bank is well placed to navigate through that and indeed the New Zealand banking industry is the envy of the world, perhaps with Australia and Canada, and all the challenges that have been thrown to us in the last few years, we have navigated our way through.''
While lending growth was ''modest'' the company said throughout the period the amount of loans which were at least three months past due dropped by NZ$36 million or almost 20 percent.
Chief executive Andrew Thorburn said the fall was a sign of ''recession receding'' and prudent lending.
The results were ''strong'' and while there were challenges ahead Thorburn said BNZ was well positioned.
''It's clear that the world situation is uncertain and volatile, but we believe our bank is well placed to navigate through that and indeed the New Zealand banking industry is the envy of the world, perhaps with Australia and Canada, and all the challenges that have been thrown to us in the last few years, we have navigated our way through.''
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