Business
HSBC NZ records 38% March quarter rise in impaired assets on back of one corporate loan
3rd Jun 14, 7:40pm
by
By Gareth Vaughan
HSBC New Zealand's impaired loans have risen strongly for a second straight quarter, reaching 5.85% of net loans.
The bank's latest general disclosure statement shows gross individually impaired assets reached $195.4 million at March 31.
That's up 38% from $142 million at December 31, after an even more dramatic December quarter rise from just $2.4 million at September 30 last year.
At that stage just 0.073% of HSBC's net loans were impaired.
The big rise in impairments over the past six months is attributed to one corporate loan.
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