Aussie bank loan-loss provisions top A$11bn
Westpac absorbed the largest charge of the ‘Big Four’
Australia’s ‘Big Four’ lenders put away a collective A$11.4 billion ($8.3 billion) for loan-loss provisions over the 2020 financial year – more than three times the amount in 2019.
WestPac took the largest provision in dollar terms with A$3.2 billion over the 12 months to end-September, triple its 2019 amount. As of end-September, its loan-loss rate – provisions as a percentage of gross loans – was 88 basis points, compared to 54bp the year prior.
National Australia Bank and ANZ both doubled
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