New Zealand economy

PHOTO: SUPPLIED BNZ chief executive Angie Mentis will give up part of her pay.

BNZ is expecting the New Zealand economy to contract by 9 per cent over 2020, unemployment to rise to 10 per cent and house prices to drop 10 per cent as the country recovers from the outbreak of Covid-19.

It has released its latest half-year result, which showed the New Zealand banking arm of its parent group NAB made $562 million in the six months, up 5.6 per cent compared to the same time a year ago.

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BNZ announced a statutory net profit of $367 million, a decrease of $183m, affected a software capitalisation policy change and an increase in credit impairment charge driven by an increase in the economic adjustment.

Chief executive Angela Mentis said BNZ’s success was predicated on its customers being successful.  It has topped up its cash reserves to ensure it was well provisioned for tougher times ahead, she said.



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