BNZ announced strong financial results, which is an excellent outcome for the bank’s people, its customers and shareholder, CEO Anthony Healy says.

The banking group’s cash earnings increased by 7.9% to $983 million and its statutory net profit increased by 2.6% to $937 million, compared from a year ago.

“We recognise that we have a wide range of stakeholders and we need to work closely with all of them to focus on financial results and our contribution to a successful New Zealand,” Healy said.

BNZ said the expansion of the Community Finance partnership to 13 regions was enabled by $4.2 million in operational funding from the government.

BNZ estimates its $1.45 million in lending to Aug 31, 2017 has saved customers more than $780,000 versus borrowing through alternative lenders – the bank made $60 million in lending available to Community Finance customers.

Healy said: “Our continued focus on our priority segments has delivered further market share growth in our core business and home lending segments, supporting New Zealand businesses and communities to grow and families to invest in homes.

“Importantly, this growth has driven a strong result for shareholders, which is critical because they are the ones who provide us with the capital that enables us to put more back into the country.”

BNZ continues its focus on sustainable growth in housing, resulting in an increase of $2.3 billion.

BNZ said its presence in the broker market continues to deliver expanded distribution reach. Nationally it has partnerships with more than 900 brokers across six aggregator groups, of which 60% are in Auckland.

Source: Nzadviseronline.co.nz