Mortgage News

Tax credit boosts BNZ profits despite underlying profit drop

Thursday 25th of February 2010

The profit rise was despite a sharp fall in net interest income while its share of the mortgage market slipped.

BNZ's net profit for the three months ended December rose 4.2% to $271 million, boosted by an $83 million tax credit. On December 23, BNZ agreed to pay 80% of the tax owed as a result of the High Court ruling last August against it on its structured finance transactions.

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