Westpac New Zealand Economic and Sustainability Strategy Update
Highlights
7
Operating
environment
Managed COVID-19 impacts well
Economic recovery well advanced
Westpac Economics GDP forecast
at 4.2% this year, 4.4% next year
Well regulated banking sector
Westpac New Zealand Limited
(WNZL)
Well capitalised; amongst the best
capitalised banks globally
Retail-focused bank, high quality
assets
Predominantly deposit funded at
82% deposit to loan ratio
1H21 NPAT $523m, up $267m on
PCP
Asset quality metrics improved
Quality covered bond pool
Based on clear legislation and
backed by a high-quality cover pool
comprised of prime residential
mortgages
Covered pool weighted average
LVR (unindexed) of 50%
Residential mortgage portfolio has
performed well through COVID-19
Rated AAA, with AAA rating able to
withstand a 3-notch downgrade of
the Issuer
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