08 September 2003 12:00am

National Bank of New Zealand is being sold at its most profitable level in years, while assertions that other banks are winning business off NBNZ seem hollow, the bank's latest quarterly general disclosure statement shows.

In terms of profitability, NBNZ's:

• return on assets increased to 1.5 per cent in the half year to June 2003, compared with 1.4 per cent in 2002.

• return on equity increased to 24.0 per cent in the half year to June 2003, compared with 22.5 per cent in 2002.

• Profit before tax increased to NZ$435 million in...