National Bank makes $181m

WELLINGTON - The National Bank appears to have exorcised the ghosts of poor performances past, reporting a $181 million net profit for the six months to June 30.

The result eclipses first half profits of $170 million and $171 million for the Bank of New Zealand and WestpacTrust, but is bolstered by the abnormal gain from the sale of the bank's fleet lease business and from gains from the shift by National's life company to new accounting standards.

The profit compares with $82 million for the same six months in 1998, a profit that did not include any gains from the takeover of Countrywide Bank by National during the year.

The acquisition lifted National to much the same size in terms of assets as BNZ and WestpacTrust.