BNZ loses some market share
Bank of New Zealand continued to lose a small amount of mortgage market share in the December quarter although its profit grew 18.8%.
Monday, March 27th 2006, 7:18AM
by Jenny Ruth
BNZ sparked a mortgage pricing war in late 2004 with its "unbeatable" advertising campaign and it also actively promotes the fact that it doesn't deal with mortgage brokers.
Its net profit in the three months ended December rose to $139 million compared with $117 million in the same three months of 2004. The bank has adopted the new International Financial Reporting Standards and has re-stated its December quarter 2004 result from the previously published $132 million.
The bank's operating expenses fell $28 million, or 11.6%, to $213 million compared with the year-earlier quarter while total assets grew 9.7% to $46.561 billion.
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