BNZ Profit – 830% Higher than Inflation

9th November 2007

Bank of New Zealand Profit – 830% Higher than Inflation

Finsec (The Union for BNZ Workers) said today that the BNZ’s annual profit announcement of $683m was a staggering improvement over last years when compared to the rate of inflation. “Inflation to the year ended 31st September was 1.8% but the banks profit for that year grew a staggering 15% in comparison” said Andrew Campbell, Finsec’s Campaign Director.

“The BNZ runs an aggressive targets based pay system which staff have been seeking to change for a long time now due to its detrimental impacts on them and their ability to provide quality service to service their customers” he said

“Finsec argues that employers in the finance industry should live up to their claims of corporate social responsibility and invest more of their profit in New Zealand workers and their communities and look at ways it can return some of that profit to its customers” said Campbell.

“This result shows very clearly that the Bank can afford to do these things and we call on them to do so” he said.

ENDS

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