Bank of New Zealand reported a year-over-year rise in net profit for the fiscal first quarter ended Dec. 31, 2017, on the back of lower impairments.

The bank said in a Feb. 22 report that net profit attributable to shareholders came to NZ$275 million, from NZ$223 million in the prior-year period.

Consolidated net interest income rose to NZ$472 million from NZ$435 million. Impairment losses on credit exposures fell to NZ$3 million, from NZ$20 million in the previous corresponding period.

Total operating income for the period ended Dec. 31, 2017, jumped year over year to NZ$628 million from NZ$570 million, while operating expenses inched up to NZ$243 million from NZ$240 million.

At end-December 2017, the bank's total qualifying capital ratio stood at 13.47%. Its common equity Tier 1 and Tier 1 capital ratios clocked in at 10.74% and 12.24%, respectively.

Bank of New Zealand is a unit of National Australia Bank Ltd.

As of Feb. 21, US$1 was equivalent to NZ$1.36.