Banks' covid-related provisions likely much smaller in June qtr

Fri, 31 Jul 2020

Provisioning by banks for the impact of the coronavirus crisis is likely to have been considerably smaller in the June quarter than the huge provisions they made in March. That's according to a graph presented by Reserve Bank deputy governor Geoff Bascand during a speech to banking industry representatives. The graph shows bank impaired asset expense falling from very low monthly levels between January 2019 and February 2020 to more than $600 million in March and then shrinking to less than a fifth of that in April, May and June. RBNZ...

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