Westpac NZ's first-half net profit lifts 11%

(Image: Deposit Photos)

Mon, 06 May 2024

Westpac New Zealand reported an 11% increase in its first-half net profit as it benefited from lower impairment charges.The local unit of the Australian lender reported a net profit of $477 million for the six months to the end of March from $426m a year earlier when the bank recorded impairment charges totalling $154m, accounting for the effects of Auckland and Northland flooding and Cyclone Gabrielle.This half’s net impairment charge came in at $23m.Westpac NZ’s pre-provision profit fell 8% to $688m, with...

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