ANZ profit sharply down as Covid-19 bites
Credit impairment provisioning is on the rise as banks prepare for the worst of the pandemic.
ANZ New Zealand’s annual profits have dropped 27% thanks to bad debt allowances due to Covid-19.
The bank follows rivals ASB and Kiwibank in making large credit impairment provisions as the economic impacts of the pandemic deepen.
The New Zealand arm of the Australian lender has reported a
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