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

Wednesday 5th December 2018

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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)

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