Westpac NZ builds workforce as bad debts weigh on profit

Westpac NZ dialled back some of its credit impairments from the March update. (Image: Getty)

Mon, 06 Nov 2023

Westpac New Zealand posted an 18% decline in annual net profit as the country’s fourth biggest lender by assets piled on more staff and faced a tougher credit environment where bad debts are becoming more of a threat. Net profit fell to $963 million in the 12 months ended Sept 30 from $1.17 billion a year earlier, with the lender’s operating expenses growing 12% to $1,3b, outpacing its income growth of 2%. Westpac NZ also booked $135m of impairment charges, having reversed $27m of impairments in the prior year, w...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Policy

Science institutes one step ahead of Govt on reorganisation

Universities shouldn't 'passively wait' for government direction.

Greg Hurrell 5:00am

Technology The Business of Tech

The Māori-led effort to build private 5G networks

This week, we discuss how Tū Ātea plans to shake up the telecommunications market.

Peter Griffin 5:00am

The Māori-led effort to build private 5G networks

Property

Council development charge hikes ‘may be illegal’

Auckland Council is trying to charge 2055 prices now, a new report finds.

Maria Slade 5:00am

Council development charge hikes ‘may be illegal’

Sponsored

The new face of luxury Scotch: Harrison Ford, the Traitors castle and an E-Type Jag

Harrison Ford’s Glenmorangie campaign breaks all the rules.

Glenmorangie Whiskey

Sponsored

Mastering market swings

ETFs can be a "smart" way to build a long-term, diverse portfolio.

Smart

More Finance

Finance

FMA files criminal charges against David McEwen

New Zealand’s financial watchdog has filed criminal charges against former financial adviser David McEwen for allegedly failing to comply with a stop order, which prevented him from contacting potential investors.The Financial Markets Authority (FMA) had made a permanent stop ord...

Staff reporters 18 Mar 2025