ANZ sets aside an extra $79 million for bad loans
ANZ New Zealand has ring-fenced a further $79 million for impaired loans as the nation's biggest lender deals with the fallout from the pandemic.
Wednesday, August 19th 2020, 2:24PM
ANZ's New Zealand business has raised its "credit impairment" charge by nearly $79 million, in addition to the $233 million earmarked in its last set of results.
The bank issued an update to the NZX regarding the pandemic this morning. The group reported a net profit after tax of $351 million for the three months ended June 30.
ANZ provided new loans of $7.4 billion over the period, according to the statement.
The lender outlined the scale of its support to businesses and individuals during the pandemic. It says it has helped 39,000 customers, impacting $27 billion of its lending portfolio.
The help includes payment deferrals on 15,000 home and personal loans, affecting $5.6 billion of the lending portfolio.
ANZ has granted more than 2,600 temporary overdraft facilities to businesses in need of more working capital, worth $46 million, over the three month period.
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