Bank of New Zealand has announced a “resilient” half year net profit of $762 million.
That’s a $43 million, or 5.3 percent, drop on the previous half year result.
BNZ CEO Dan Huggins described it as resilient given the subdued economic environment.
“High interest rates and cost of living pressures continue to impact business and household finances.
“While easing inflation is encouraging, it is expected to remain outside of the Reserve Bank’s target band until the end of year. Economic conditions are likely to remain challenging until there is a material reduction in interest rates.”