Westpac NZ profit rises 3%; RBNZ releases it from capital purgatory

Westpac NZ profit rises 3%; RBNZ releases it from capital purgatory
Jenny Ruth
Westpac New Zealand lifted annual net profit 3 percent, a bright spot in its Australian parent's "disappointing" year with group profit falling 16 percent.The parent bank is also seeking to raise A$2.5 billion in fresh equity to provide a larger buffer of capital above the regulatory minimum.But the New Zealand subsidiary also delivered good news on the capital front with the Reserve Bank of New Zealand releasing it from a two-year period in purgatory for failing to get nearly half its internal models for calculating capital approved, a failure...

More Finance

‘Unusual’ volume of CCCFA changes in focus
Finance

‘Unusual’ volume of CCCFA changes in focus

Select committee mulls proposed changes to CCCFA, to report recommendations Oct 20.

Andy Macdonald 16 Sep 2025
Banks revise economic outlooks for Q2 GDP contraction
Finance

Banks revise economic outlooks for Q2 GDP contraction

Economists now see NZ's GDP contracting in Q2, but doubt a technical recession in Q3.

Andy Macdonald 15 Sep 2025
Real estate industry wants AML levy exemption
Finance

Real estate industry wants AML levy exemption

The real estate industry is warning an AML levy will drive up costs in the sector.

Michael Neilson 15 Sep 2025
Craigs' sweet spot for golden visa investors
Finance

Craigs' sweet spot for golden visa investors

Billionaires can go solo. For other wealthy investors, there's Craigs' new fund.