Westpac NZ suffered a second-half margin squeeze

Westpac NZ suffered a second-half margin squeeze
Acting chief executive Simon Power noted that Westpac's 10% growth in home loans. (Image: Supplied)
Jenny Ruth
Usually, bank profit margins suffer when interest rates are falling and fatten when rates start rising, but Westpac New Zealand's margins have done the opposite.The bank's net interest margin climbed during the six months ended March, a time when interest rates were falling but were then squeezed in the six months ended September when interest rates had started rising again.Westpac's net interest margin (NIM) rose 17 basis points to 2.06% in the first half but then fell 12bp to 1.94% in the second half.Westpac's margin compressi...

More Finance

IRD issues warning to crypto holders ahead of audits
Finance

IRD issues warning to crypto holders ahead of audits

The IRD has identified 227,000 crypto-asset users in NZ and contacted those at risk.

Staff reporters 04 Jul 2024
$1.65b project to simplify switching banks a 'flop'
Finance

$1.65b project to simplify switching banks a 'flop'

Open banking has hindered competition rather than helping it, says lobby.

AAP 04 Jul 2024
MTF to investigate bullying claims
Finance Exclusive

MTF to investigate bullying claims

Chief executive Chris Lamers said he takes the claims 'very seriously'.

Murray Jones 04 Jul 2024
Payments NZ could play key role in open banking standards
Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 01 Jul 2024