Westpac NZ's annual net profit falls 43%

Mon, 02 Nov 2020

Westpac New Zealand's annual profit fell 43 percent as charges against bad debts skyrocketed while operating income fell and operating expenses rose.Westpac's net profit for the year ended Sept. 30 fell to $550 million from $964 million the previous year while charges against profit for bad debts rose to $320 million from a $10 million write-back of charges the previous year.The NZ bank had reported $211 million in charges for bad debts for its first half."We've provisioned for an increase in expected lending losses due to chan...

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