Westpac lifted annual profit 69% after covid writeback

Acting chief executive Simon Power said first-home buyers were very active. (Image: supplied)

Mon, 01 Nov 2021

Westpac New Zealand lifted annual net profit 69%, boosted by the reversal of $84 million of charges against profits for bad debts caused by covid.The bank reported a $931m net profit for the year ended September, up from the $550m net result reported for the previous year.Westpac NZ had reversed $99m of covid charges in its first-half results – the bank said the lower full-year benefit reflected "one large individually assessed provision, partly offset by a collectively assessed provision benefit and higher write-backs".Cor...

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