Westpac NZ's annual earnings buoyed by turnaround in bad dairy debt

Sun, 05 Nov 2017

By Paul McBeth Nov. 6 (BusinessDesk) - Westpac Banking Corp's New Zealand division boosted annual earnings 9.5 percent as the recovery in global milk prices eased stress on farmers and saw a turnaround in the lender's provisioning for bad dairy debt. Cash earnings, the preferred measure of the Australian-owned banks, rose to $970 million in the 12 months ended Sept. 30 from $886 million a year earlier, the Sydney-based parent said in a statement. The lender's operating income increased 0.2 percent to $2.25 billion, lagging behind a 0.9 p...

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