Business

BNZ defends big profit increase

As the banking industry holds its breath for the verdict on bank conduct and culture next Monday from the Reserve Bank and Financial Markets Authority, BNZ is defending its almost double-digit profit boost announced yesterday.

BNZ’s net profit rose 9.8 percent in the year ended September 30, sneaking just over $1 billion. Total operating revenue was up 6.2 percent to $2.5 billion.

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