Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BNZ-NAB money-go-round ends up with $345M for Australia

BNZ-NAB money-go-round ends up with $345M for Australian parent


By Jenny Ruth

Dec. 5 (BusinessDesk) - Bank of New Zealand is paying its Australian parent, National Bank of Australia, a $945 million dividend and the parent is giving $600 million of that back to it as additional equity.

BNZ reported a $1.03 billion net profit for the year ended September, up from $937 million the previous year.

A similar injection of capital happened last year as well when BNZ paid $1.405 billion in dividends to its parent which gave it $300 million of equity back.

BNZ’s latest disclosure statement shows total capital stood at $8.76 billion at Sept. 30 with $6.81 billion of that being common equity giving it a common equity ratio of 10.56 percent, well above the statutory minimum of 4.5 percent.

Its total capital ratio was 13.59 percent compared with the statutory minimum of 8 percent and its buffer ratio was 5.59 percent compared with the 2.5 percent statutory minimum.

(BusinessDesk)



© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Provincial Growth Fund: Backing Growth In Gore

“Today’s announcements are a $1.6 million investment towards the Maruawai precinct project, which involves the redevelopment of the Hokonui Moonshine Museum and creation of the Maruawai Heritage Centre...” More>>

ALSO:

Inflation: Cigarette Price Rise Offsets Cheaper Petrol

The consumers price index (CPI) rose 0.1 percent in the March 2019 quarter, due to higher prices for cigarettes, Stats NZ said today... In the year to March 2019, the inflation rate was 1.5 percent, down from 1.9 percent in the December 2018 year. More>>

ALSO:

Government Suppliers: MBIE Reinstates Fuji Xerox As A

The government has reinstated Fuji Xerox as a supplier despite an ongoing Serious Fraud Office investigation into accounting irregularities that led to losses of more than $300 million. More>>

ALSO:

PSI: Service Sector Growth At Lowest Level Since 2012

April 15 (BusinessDesk) - New Zealand’s services sector activity grew at its slowest pace in more than six years in March, potentially signalling a slowdown in the domestic economy. More>>

ALSO: