20 Aug 2013

BNZ earnings up

12:44 pm on 20 August 2013

National Australia Bank says Bank of New Zealand increased its cash earnings in the June quarter and charges against profit for bad debts fell.

It says asset quality metrics were stable but strong volume growth has been offset by increased competition and customer preference for lower margin fixed rate mortgage products.

National Australia Bank itself reported a net profit of $A1.7 billion for the latest quarter and said cash earnings were up about 2%.

AAP reports the cash profit for the quarter was $A1.5 billion, an increase of around 2% on the previous quarter.