Bank of New Zealand

Overview

BNZ was incorporated on July 29, 1861 and its ultimate parent bank is National Australia Bank Limited. The businesses and affairs of BNZ and all of its wholly owned entities (the Banking Group) are managed by, or under the direction or supervision of, the BNZ Board of Directors and the BNZ Chief Executive Officer in compliance with the requirements and regulations of the Banking Group's primary regulator, the RBNZ. BNZ is a registered bank under the Reserve Bank of New Zealand Act 1989.

The Banking Group is one of New Zealand's largest banking organizations and provides a broad range of banking and financial products and services to retail, business, agribusiness, corporate and institutional clients. The Banking Group is organised into three major operating and reportable segments: Private, Wealth & Insurance, Corporate & Institutional Banking and BNZ Partnership Banking. These segments are supported by the specialist units of Customer, Product and Services, Corporate Affairs, Finance, People, Risk, Technology and Operations, and Transformation and Strategy.

Performance

The following information was extracted from the Bank of New Zealand's full year results, released 5 November 2026

Bank of New Zealand (BNZ) released its full year result to 30 September 2026, announcing a statutory net profit of $1,157 million, down 22.8% on the prior year.

As announced in April, this was primarily driven by a one-off reduction in BNZ’s capitalised software assets due to changes to its software capitalisation policy.

Excluding this one-off adjustment, net profit was $1,410 million, down 5.9% largely due to strong competition and cost increases.

BNZ continued to win market share with total lending growth up 6.8% to $118.5 billion, and total customer deposits up 4.9% to $91.4 billion.

Revenue was up 1.5% to $3,536 million, while operating expenses excluding the one-off adjustment grew 4.2% to $1,437 million driven by investment in technology, more frontline staff and inflationary pressures.

Net Interest Margin was 2.30%, down 10 basis points in a highly competitive market for both lending and deposits.