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...

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