The central bank of New Zealand will provide the government with a divided worth NZ$630 million as it secured a substantial boost in net profit that soared to NZ$906 million as compared with $535 million in the preceding year.

Previous year, the central bank had paid a dividend of NZ$168 to the government.

Alan Bollard, governor of the bank said in a statement, "This is a strong financial result which reflects abnormally large changes in market conditions."

The bank also witnessed a jump in its staff expenses from $22.3 million previous year to $24.3 million this year.

The central bank of New Zealand has slashed interest rates to 2.50 per cent and vowed that it would not hike the rates until late next year.

Slashed interest rates in 2009 led to valuation gains worth $187 million against a loss of $7 million last year.

Central bank's equity was reported at $3 billion on June 30.