Banks fill their boots with home loans, shrink farm lending

Banks fill their boots with home loans, shrink farm lending
Bank lending to farmers shrank in the June quarter. (Image: Livestock Improvement)
Jenny Ruth
The five largest banks lent a net $7.85 billion more on mortgages in the June quarter but only $1.06b to businesses.The big four banks' net lending to agriculture actually shrank by $144.6 million in the latest quarter, according to data published on the Reserve Bank's bank financial strength dashboard.ANZ Bank New Zealand, the nation's largest bank, was responsible for all the reduction in lending to farmers with its agricultural book shrinking by $291.5m with BNZ's lending to the sector growing by a meagre $13.3m, Westpac'...

More Finance

PGG Wrightson CEO: OCR hike would hurt rural sector confidence
Finance

PGG Wrightson CEO: OCR hike would hurt rural sector confidence

The company suspended its interim dividend, worrying about adding debt if rates go up.

Riley Kennedy 28 Feb 2024
ASB's Shortt: Move beyond 'investing to survive'
Finance

ASB's Shortt: Move beyond 'investing to survive'

The ASB CEO says businesses have been in 'investing to survive' mode.

Dileepa Fonseka 28 Feb 2024
John Key steps down as ANZ Bank NZ chair
Finance

John Key steps down as ANZ Bank NZ chair

John Key will retire from all ANZ boards on March 14. Key joined the ANZ NZ board in 2017 after stepping down as New Zealand’s prime minister. He became chair of the board in 2018 and then joined the ANZ Group board as a director.The board of ANZ Bank New Zealand has appointed Sc...

Staff reporters 27 Feb 2024
Why Fonterra Oceania makes sense
Finance

Why Fonterra Oceania makes sense

It’ll be made out of Fonterra Australia and Fonterra Brands NZ.

Riley Kennedy 23 Feb 2024