Bank of New Zealand has announced a "resilient" half year net profit of $762 million.
That's a $43 million, or 5.3 percent, drop on the previous half year result.
BNZ CEO Dan Huggins described it as resilient given the subdued economic environment.
"High interest rates and cost of living pressures continue to impact business and household finances.
"While easing inflation is encouraging, it is expected to remain outside of the Reserve Bank's target band until the end of year. Economic conditions are likely to remain challenging until there is a material reduction in interest rates."
Revenue for the first 6 months was broadly flat at $1,770 million. The Net Interest Margin, the difference in what the bank earns from loans and what it pays out to depositors, dropped 8 points compared to last year.
The bank said that was down to increased competition across the banking sector and the fact customers shifted money into term deposits to take advantage of higher interest rates.
Bank of New Zealand's last full year profit for the twelve months to September 2023 was $1,509 million which was up 12 percent on the previous year.
