UPDATE: Bank of NZ bad debt provision jumps 83% in first half on dairy exposure

Wed, 04 May 2016

(Recasts to reflect detail from Bank of NZ release, CEO comment) By Jonathan Underhill May 5 (BusinessDesk) - Bank of New Zealand's charge for bad and doubtful debts jumped 83 percent in the first half as the local unit of National Australia Bank doubled its provision against its dairy book in the face of a sustained downturn. BNZ's charge for bad and doubtful debts rose to $84 million in the six months ended March 31, from $46 million a year earlier. The charge contributed to a 3.3 percent decline in cash earnings to $404 million....

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