Westpac New Zealand Economic and Sustainability Strategy Update
Commercial property portfolio
Commercial Property Portfolio
Mar-20
Sep-20
Mar-21
Total committed exposure (TCE)
($bn)
8.8
8.5
8.8
26%
Property as a % of total TCE
7.0
6.6
6.7
% of portfolio graded as 'stressed'¹
2.67
2.96
3.62
% of portfolio in impaired
0.12
0.07
0.07
Investor/developer split (%)
•Development
Investment
100%
80%
60%
40%
20%
0%
Mar-18
Jun-18
Sep-18-
Dec-18
1 Includes impaired exposures
Mar-19
Jun-19
Sep-19-
Dec-19
Mar-20
Jun-20
Sep-20-
Dec-20
87.9%
12.1%
Mar-21
5%
Portfolio TCE by sector (%)
27%
■Commercial
■Industrial
■Residential
■Retail
24%
18%
Other - Property
Highlights
Portfolio increases mainly in Industrial lending due to strong investor demand
Development/Investment portfolio mix remains low, reflective of strategy
Larger developer clients taking a cautious approach given potential softening of house
values due to recent tax changes
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