Westpac NZ recorded an impairment benefit, or write-back, of $27 million, down from write-backs of $84 million the previous year. Westpac NZ says its net interest margin was unchanged year-on-year at 2%. CEO Catherine McGrath says Westpac NZ grew home and business lending market share in the second-half if its financial year, taking "strong momentum" into the September 2023 financial year. McGrath told interest.co.nz Westpac NZ hasn't yet seen any particular signs of borrower stress emerging. The bank's mortgage serviceability test for new borrowers is adding 2.5% to its interest rates at the time a loan is taken out.

Source: Stuff November 07, 2022 00:04 UTC