Westpac NZ profit knocked by mounting impairment charges

Westpac was buffeted by the North Island storms. (Image: Depositphotos)

Mon, 08 May 2023

Westpac New Zealand reported a 33% decline in first-half profit as the lender booked bigger charges on stressed loans, although the prior period was plumped up by a $126 million gain on the sale of its life insurance division.The local unit of the Australian lender reported a net profit of $426m in the six months ended March 31 from $640m a year earlier, when the bottom line was bolstered by the asset sale and a $10m writeback on impaired loans. Westpac NZ reported impairment charges totalling $154m in the period, which accounted for the i...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

NZ sharemarket down over 1.5% for the week

The S&P/NZX 50 Index closed at 12,559.28, down 79.62 points or 0.63%.

Graham Skellern 6:12pm

Markets

Just Life Group sells The Cylinder Guy

Just Life Group CEO says it was probably a mistake buying the business in 2020.

John Anthony 3:30pm

Finance

Spark board mum on future of dividend, asset sales

Shareholders will have to wait until company's half-year results to learn more.

Ben Moore 3:20pm

Spark board mum on future of dividend, asset sales

Sponsored

Cybersecurity: it’s a culture, not a checklist

Build a human firewall as part of your company's culture.

Fortinet

Sponsored

Private credit reshapes NZ lending

More and more Kiwis want the mortgage flexibility banks can't give

First Mortgage Trust

More Finance

Finance

Spark board mum on future of dividend, asset sales

Shareholders will have to wait until company's half-year results to learn more.

Ben Moore 3:20pm

Finance

Potentia invests in early childhood education platform

Potentia Capital is taking a majority stake in early childhood software provider Storypark for an undisclosed sum.The technology specialist investment firm said the “substantial capital backing” would come from its A$670 million (NZ$736m) Fund 2, which was raised in 2022.It said...

Staff reporters 11:20am