Westpac Banking Group Chairman Ted Evans has told shareholders in a speech at the group's annual meeting in Sydney that the bank expected slower lending growth and more provisions for bad debts as the economy slows. "We expect our balance sheet growth will slow and our impairment charges will grow as the economy slows," Evans said. "The impact of the softer economic environment will not be felt evenly by our customers and, as such, we will need to be proactive in helping those customers that find themselves in distress," he said. * 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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