Westpac NZ's first-half earnings rise as bad debt reversals offset shrinking margins

Sun, 07 May 2017

By Paul McBeth May 8 (BusinessDesk) - Westpac Banking Corp's New Zealand unit eked out a 2 percent gain in first-half earnings as a reversal in charges on bad debt offset shrinking margins that reflect competition for depositors. Cash profit, the preferred earnings measure of the Australian-owned banks, rose to $462 million in the six months ended March 31 from $452 million a year earlier, the Sydney-based lender said in a statement. Net interest income shrank 1 percent to $838 million, even as the bank's net loans grew 7 percent to $76.5...

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