Bad Loan Charges Sinks N.Z. Bank’s Profits

A NZ$77 million ($56.2 million) charge for bad loans along with a NZ$208 million ($151.8 million) tax charge on structured finance transactions helped send ASB Bank to third-quarter loss of NZ$124 million ($90.5 million).

  • 19 Nov 2009
A NZ$77 million ($56.2 million) charge for bad loans along with a NZ$208 million ($151.8 million) tax charge on structured finance transactions helped send ASB Bank to third-quarter loss of NZ$124 million ($90.5 million). The tax due is the result of a high court ruling earlier this month ...

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