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

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

More Finance

TVNZ targets one million digital viewers logged in by 2030
Finance

TVNZ targets one million digital viewers logged in by 2030

The latest performance forecast unfolds the broadcaster’s online ambitions.

JPMorgan is revamping Its bank for the superrich
Finance

JPMorgan is revamping Its bank for the superrich

There is a minimum required balance of US$10 million. 

Port of Auckland to pay $45m special dividend to council
Finance

Port of Auckland to pay $45m special dividend to council

The divestment proceeds will be used to top up the Auckland Future Fund.

Oliver Lewis 27 Jun 2025