Sustained corporate and housing lending buoyed monthly revenues.
Bank of New Zealand net profit rose 17.8% YoY to $490m for the six months ending 31 March, according to a press release.
Total revenue also rose 8.1% to $1.19b amidst strong volume growth in home and business loans.
Net interest margin increased 9 basis points to 2.24% due to improved margins and lower funding costs. However, operating expenses increased 7.4% to $465m.
“We are accelerating an ambitious transformation strategy. Our sights are set on the changes that will make the biggest difference to our ability to consistently offer our customers a seamless banking experience,” said BNZ CEO Angie Mentis.
Customer deposits stand at $58b as growth in SME segment continues to grow after hitting $22b in value.
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