Quarter-billion-dollar interim for National Bank

By PAM GRAHAM

National Bank of New Zealand, the bank that uses a thoroughbred stallion as a brand, is on course to beat last year's annual profit after announcing a 15 per cent rise in interim profit.

The Lloyds TSB Group subsidiary said net profit after tax rose to $250 million in the six months to June 30, from $217 million last year.

The bank reported an 8 per cent increase in profit to $416 million last year.

National Bank publishes one-paragraph media statements because it does not have local shareholders. Its key information summary, available in branches, included the information that total assets rose to $36.65 billion from $33.72 billion a year ago, while total impaired assets fell to $114 million from $133 million.

National Bank's quarter-billion-dollar interim follows ASB's disclosure last month of a 23 per cent rise in annual profit to $225 million, which outpaced the rise in earnings recorded by its parent, Commonwealth Bank of Australia.

Australia's big four banks, which all operate in New Zealand, make up 25 per cent of the S&P/ASX Australia 200 Index and are four of that market's six biggest companies by market capitalisation.

New Zealand, by contrast, has no listed banks.