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Westpac bounces back from pandemic with $583m six-month profit © RNZ / Nate McKinnon Westpac New Zealand s profit has bounced back from the pandemic as the economy performed much better than expected. The bank s half year cash profit for the six months ended March was $583 million, or 98 percent up on last year s $297m. The bank said a stronger than expected recovery in business and the impact of government support measures resulted in a big drop in the amount set aside for bad and doubtful debts, with the bank writing back $99m, against last year s $211m. Chief executive David McLean said We still expect a softening of economic conditions during the remainder of 2021, but based on our current economic outlook, we are writing back $99m of the credit provisions which were taken last year, as they are no longer forecast to be needed .

New zealandDavid mcleanNate mckinnonWestpac kiwisaver schemeபுதியது ஜீலாந்துடேவிட் மக்லீந்நேட் மகிநொந்