$50m of Westpac's 1H provisions were for two business loans

Jenny Ruth
Tue, 05 May 2020

Jenny Ruth
Tue, 05 May 2020
Bad debts were always going to feature prominently in Westpac New Zealand's results, even before the coronavirus crisis hit.The bank's $211 million in charges against profit for bad debts in the six months ended March included almost $50 million in provisions against two business loans.The bank wouldn't identify those businesses because of client confidentiality, but chief executive David McLean did say they weren't dairy loans.See more details on NZX.com"The companies haven't gone broke, but are just in a bit of d...
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