Westpac's profits have taken a covid 19 tumble -- particularly across the ditch
Westpac's profits have taken a covid 19 tumble -- particularly across the ditch
2 November 2020
The bank's New Zealand arm has recorded a 38 percent drop in cash earnings -- and its Australian parent has seen a whopping 62 percent drop.
Kiwi CEO David McLean says the results reflect the exceptional circumstances created by the pandemic.
He says the New Zealand banking arm has prepared for an increase in expected lending losses -- but it's underlying position remains strong.
Group CEO Peter King says 2020 has been particularly challenging, and the financial result is disappointing.
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