Supporting Kiwi customers and businesses
Bank of New Zealand (BNZ) announced a net profit of $1.5 billion for the fiscal year ending September, a stable result reflecting its growth and increased customer base.
Despite lower net interest margins and rising costs, lending and deposit growth helped balance the impact.
Lending growth across key sectors
BNZ’s total lending increased by $4.3bn, with business loans up by 4.6% and home lending by 4.1%.
“This is a solid result in challenging conditions, which reflects BNZ’s continued growth as more New Zealanders choose to bank with BNZ,” said CEO Dan Huggins (pictured above).
Businesses lead economic recovery
BNZ’s support for businesses played a crucial role in New Zealand’s economic cycle, providing nearly half of the country’s business and agricultural lending growth.
“We’re proud to back our business customers, understanding that while times are tough now, growth opportunities lie ahead,” Huggins said.
Supporting homeownership goals
More than 6,500 Kiwis chose BNZ for their home loans last year, with first-time buyers making up half.
BNZ also tailored support for existing home loan customers in the face of higher interest rates, noting a shift to shorter fixed terms as borrowers adapt to the rate environment.
Expanding home loans on Māori land
This year, BNZ expanded a unique lending program allowing iwi and whānau to secure home loans on Māori land. Huggins expressed pride in a solution that “acknowledges and protects the deep connection Māori have with their whenua,” helping more Kiwis achieve homeownership.
Leading open banking innovation
BNZ’s commitment to open banking has reached over 250,000 customers through its advanced API technology.
Partnering with fintechs like BlinkPay and Payap, BNZ aims to simplify payments, boost industry competition, and expand digital options for New Zealanders.
Investments drive financial solutions for Kiwis
BNZ’s investment in fintech initiatives demonstrates its focus on improving banking experiences.
“These initiatives support industry competition and demonstrate BNZ’s significant commitment to accelerating open banking as we continually strive to make banking simpler and easier for all of our customers,” Huggins said.
Read the BNZ announcement here.
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