Bank increases retail deposits to a record $34.5 billion
A push to increase deposits and a drop in the amount of money put aside for doubtful debts are behind a 21 per cent boost in cash earnings for the Bank of New Zealand, chief executive Andrew Thorburn says.
The BNZ was yesterday the latest bank to produce a strong result. Last week the ANZ revealed a record underlying profit for the year to September following the ASB Bank's record net profit announced in August.
BNZ's $741 million cash earnings profit for the year ended September 30 was below the bank's record $785 million set in 2008 - before the height of the global financial crisis - but was up on the $612 million it made in the previous financial year.
Thorburn said the bank had actively targeted deposits, increasing its retail deposits from $31.1 billion to $34.5 billion over the year - a record level for the bank, which had seen its market share rise 0.76 percentage points to 18.8 per cent.