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

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...
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Only two things can now save Todd Muller from the growing likelihood of a crushing electoral defeat.

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Professional distancing We’re sure public relations expert and National Party stalwart Michelle Boag has had a few ups and downs in her colourful career, but you know things are rough when one of your...

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In Wellington, when it rains, it pours.In recent weeks, there has been a steady stream of political scandals. Blunders, sagas, hiccups and missteps – too many to count.These events remind us why so ma...

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