Rabobank NZ annual profit falls 14% on higher provisioning for bad dairy debt

Tue, 28 Mar 2017

By Paul McBeth March 28 (BusinessDesk) - Rabobank New Zealand posted a 14 percent decline in annual profit last year as the rural lending specialist boosted its provisioning for bad debts in the face of the dairy slowdown. Net profit fell to $89.5 million in calendar 2016 from $104 million a year earlier, the Wellington-based lender said in a statement. The decline in profit was largely due to the bank booking $15.1 million in impairment charges on bad debt. In 2015 Rabobank booked a $5.6 million gain, writing back the value on impairmen...

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