Home loan customers dealing with interest rate pressure better than expected, Westpac NZ says

Westpac NZ's Catherine McGrath. (Image: NZME)

Tue, 07 May 2024

Westpac New Zealand’s home loan customers have managed to deal with higher interest costs better than initially expected, the bank's chief executive says.The local unit of the Australian lender, which reported its half-year results to the end of March on Monday, grew its home lending by 3% to $67.4 billion compared to the same time last year.The bank’s net profit increased 11% to $477m, benefiting from a lower impairment charge of $23m compared to the $154m one it booked after the Auckland floods and Cyclone Gabrielle.Westp...

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