Westpac NZ builds workforce as bad debts weigh on profit

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)
Paul McBeth
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...

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