S&P expects NZ banks' covid-19 losses to peak at $4.7b

Wed, 13 May 2020

Credit rating agency Standard & Poor's expects New Zealand 'big four' banks' collective covid-19-related losses will peak at about $4.7 billion but they're well-placed to absorb such losses so it shouldn't affect their capital positions. The international ratings agency has made similar comments about Australia's four major banks, which own the big four New Zealand banks. In their first-half results, three of the four New Zealand subsidiaries, ANZ Bank, National Australia Bank-owned Bank of New Zealand and Westpac, provided a total $455 m...

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