BNZ and Westpac ramp up dividend payments; BNZ 1st quarter profit jumps 57%

By Gareth Vaughan

Two of New Zealand's big four Australian owned banks have paid combined dividends of $585 million in their current financial years thus far, versus nothing at the same time last year.

Meanwhile, BNZ has posted a 57% jump in December quarter unaudited profit after tax. Profit rose $72 million to $198 million. The rise was primarily driven by a big turnaround in the bank's gains less losses on financial instruments such as derivatives and swaps. BNZ booked a $1 million quarterly gain on this, versus a $74 million loss in the December quarter of 2012.

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