A whopping $181 Million loss has been reported by the Bank of New Zealand. The complete year loss is being seen as a possible result of the bank's recent tax case loss.

Revealing figures which disappointed investors and lenders greatly, BNZ reported a $181 Million loss, which was a result of the heavy one-off tax case provisions it has to settle, which stood at a whopping $661 Million. As a result of the loss, cash earnings fell by 13%.

"We are emerging from a tough year with a sound balance sheet, good asset quality and strong capital ratios", said chief executive Andrew Thorburn. "We're cautiously optimistic about the medium-term picture for NZ, anticipating modest GDP growth of around 2 per cent over the next two years".

Although the figures posted have been hugely disappointing, analysts, investors and the bank authorities are optimistic of better earnings in the coming times. A GDP growth of nearly 2% for the coming year has been expected.