Westpac NZ profit rises 3%; RBNZ releases it from capital purgatory

By Jenny Ruth | Mon, 04 Nov 2019


Westpac New Zealand lifted annual net profit 3 percent, a bright spot in its Australian parent's "disappointing" year with group profit falling 16 percent.The parent bank is also seeking to raise A$2.5 billion in fresh equity to provide a larger buffer of capital above the regulatory minimum.But the New Zealand subsidiary also delivered good news on the capital front with the Reserve Bank of New Zealand releasing it from a two-year period in purgatory for failing to get nearly half its internal models for calculating capital approved, a failure...