BNZ cuts dairy lending by almost $1 billion

BNZ cuts dairy lending by almost $1 billion
Jenny Ruth
Bank of New Zealand has lightened its lending to the agricultural sector by about $1 billion in the past year and just about all of that fall has been in dairy lending.The bank's agricultural portfolio fell to $14.9 billion at Sept. 30 from $15.9 billion a year earlier, with the proportion lent to the dairy sector dropping to 48 percent this year from 51 percent last year.BNZ chief financial officer Peter MacGillivray noted dairy and other commodity prices have held up well through the coronavirus crisis and dairy farmers have been paying d...

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