BNZ profit grows

BNZ lifted its first half profit 7.4% to $709 million.

BNZ chief executive Dan Huggins attributed the result to a resilient New Zealand economy, revenue growth and focused capital management.

He said the bank had helped 5,876 New Zealanders buy and invest in homes during the period.

It helped 7,621 small and medium businesses with new or increased lending in the last six months..

Total lending grew 7.8% on the prior comparable period.

In other information, the BNZ said its loans and advances to customers increased 7.8%

Deposits and other borrowings increased 9.1%. KiwiSaver funds under management rose by $800 million.

“While there is uncertainty ahead, we also see opportunity. We’ll continue to be flexible and supportive and find ways to make banking easy for our customers,” Huggins said.

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