Coronavirus

BNZ provides $108m for covid-19 related impairments

Jenny Ruth
Tue, 28 Apr 2020

BNZ provides $108m for covid-19 related impairments
Jenny Ruth
Tue, 28 Apr 2020
Bank of New Zealand's contribution to its parent bank's covid-19 related impairment charges was $108 million and it also accelerated depreciation of internally generated software, adding $151 million to costs for the six months ended March.That meant BNZ's statutory net profit for the six months fell by a third to $367 million from $550 million in the same six months a year earlier.Yesterday, National Australia Bank announced an A$807 million impairment charge to account for the impact of the coronavirus crisis on the bank and its c...

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