Westpac NZ's interim profit drops
The half was affected by lower bad debt write-backs and higher operating costs.
Westpac New Zealand has reported a 5% drop in statutory profit to $497m for the six months to March.
However, if a one-off gain of $126m from the sale of its New Zealand life insurance business and other items are included, the bank increased its cash earnings by 9% to $635m for the period.
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