All the major Australian-owned banks are experiencing a squeeze on margins as interest rates keep falling to previously unplumbed depths, but their reported results are only just starting to produce the evidence.

ANZ Bank reported its New Zealand subsidiary's net interest margin fell to 2.35 per cent in the six months ended September from 2.41 per cent in the previous second half, while National Australia Bank-owned Bank of New Zealand's NIM for the September year was down 2 basis points to 2.25 per cent.

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