Christchurch based building society CBS Canterbury announced late on Thursday it had cut its annual profit forecast to NZ$1 million from its previous forecast of NZ$3.8 million, largely because of bad debts incurred by a single property investor. CEO Bryan Inch told interest.co.nz the properties owned by the investor across the South Island had all been put up for sale and the building society had decided to take a hit to its bad debts in one lump rather than hold on and hope for better prices later. * This article was first published on Friday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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