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BNZ profit dips by $125m

NZ NewswireNZ Newswire 26/10/2016

Annual profit for the Bank of New Zealand has slipped by $125 million.

The bank said net profit for the year to the end of September was $913m and had declined 12 per cent on 2015's result due to lower trading income in BNZ markets and losses on hedging derivatives.

Chief executive Anthony Healy said: "Our strategy is delivering for the bank, despite a challenging year in a highly competitive banking environment and with higher funding costs affecting margins."

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