UPDATE: Westpac NZ delivers 13% annual profit boost, as lending improves and bad debts fall

Sun, 02 Nov 2014

(Updates to recast on annual figures) By Fiona Rotherham Nov. 3 (BusinessDesk) - Westpac New Zealand, the local unit of Australia's Westpac Banking Corp, reported a 13 percent rise in annual cash earnings to $864 million helped by a rise in lending and improving bad debts. Westpac’s core earnings rose 3 percent to $1,22 million in the 12 months ended Sept. 30, on a 2 percent lift in net operating income to $2.07 billion. Although impairment charges of $22 million for the second-half were up on the $4 million in the previous half, ther...

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