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...

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