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BNZ Half-Year Results: Profit Drops, Lending Grows
Published 2 weeks, 4 days ago
Description
BNZs half-year profits plummeted by 38% to $494 million, primarily due to a one-time accounting adjustment for software costs. Despite steady revenue and increased lending, operating expenses rose, and net interest margin decreased due to intense deposit competition. The bank is now monitoring how businesses and households adapt to the changing economic landscape.
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