Westpac profit jumps 10%

Higher interest rates mean fewer people are wanting to borrow. (Image: Supplied)

Mon, 04 Nov 2024

Westpac New Zealand’s profit jumped 10% over the past year, as it suffered less of a hit from borrowers struggling to repay debts than it did in 2023.The Australian bank’s New Zealand division reported a net profit of $1.06 billion in the year to September 30, as its impairment charges dropped from $135 million to $27m.“We’ve worked hard to help customers through challenging economic conditions, and are well-positioned to support their growth aspirations as the economy improves,” Westpac NZ chief executive Cat...

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