Latest news with #CatherineMcGrath
Yahoo
29-05-2025
- General
- Yahoo
Southwest Virginia Wildlife Center rehabilitating bobcat kitten
ROANOKE, Va. (WFXR) — The Southwest Virginia Wildlife Center has received its first bobcat kitten of the year, and just the third in the past three years. It was picked up in Floyd on May 21, after it was discovered near its mother, who had been hit and killed by a car. 'Luckily, he did get away from that incident and he has no major injuries,' said Southwest Virginia Wildlife Center volunteer coordinator Catherine McGrath. 'The vets have looked over him and he's in fantastic health. All he's going to need as we raise him are a couple vaccinations.' The center is working to rehabilitate him and is targeting a spring 2026 release date. 'He's going to be here for a very long time because that's how long it's going to take him to essentially grow up and be large enough to survive while in the wild,' said McGrath. Southwest Virginia Wildlife Center receives first-ever rare Eastern Spotted Skunk He has to be fed a specialized formula every two-to-three hours, and staff have to wear full protective gear when interacting with him because of how susceptible big cats are to COVID-19. Staff members are also working hard to avoid having the animal bond with them, a process they say would complicate things upon its release back into the wild. 'Because the bobcat is going to take about a half a year to ween, that's a lot of interaction with people and not a lot of interaction with another of his own species,' said McGrath. 'So, what we want to do is mitigate him associating us with food and care.' She also said the Center is actively looking for another bobcat kitten in need of rehabilitation so that the two can grow up as a pair. 'You never want to raise any sort of baby alone,' said McGrath. 'You want to raise them in pairs because that reduces the risk of habituation.' The whole rehab process is an expensive one, and the Southwest Virginia Wildlife Center says it is looking for some assistance in the form of donations. 'By the time we're getting him ready for release, he's eating four times more than the average house cat,' said McGrath. 'And when you add that up to a year of that sort of care, that is thousands of dollars of specialized food for him.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
NZ Herald
15-05-2025
- Business
- NZ Herald
UK bank accuses Westpac of ‘critical errors' after customer sent $158k to wrong account
Che lost $158,000 when he missed a single digit when sending his money from Barclays Bank to Westpac in January last year. He said he was using an old computer with a 'sticky keyboard', and a '4″ failed to register as he keyed in payment instructions, leaving the account number with only 15 digits instead of the intended 16. Westpac assumed the missing digit was from the suffix and added a zero. The 16-digit number was for a valid account controlled by another customer who refused to return the money and is now under police investigation. Che blamed the banks for not checking the name of the receiving account before completing the transfer and has been fighting for 16 months for compensation. Then, in a surprise move this month after Herald coverage, he received a full refund from Barclays for his unrecovered losses. The Herald sent detailed questions to Barclays about the case, including why it decided to refund Che. A statement from Barclays said it correctly executed Che's instructions and credited the nominated account. However, 'after thorough review of this case, it was determined we could have done more to help recover their funds sooner' by trying to recall the money from Westpac once it became clear the money had gone to the wrong account. 'We have therefore refunded all missing funds and made an offer of redress as a gesture of goodwill, which has been accepted.' Despite refunding the money, Barclays did not accept fault for the initial 'misallocation of funds', which it believed was primarily due to Che's actions and the 'receiving bank's error'. Barclays confirmed it contacted Westpac to ascertain why the funds were paid when the name and account number didn't match. Westpac told Barclays 'they don't carry out these checks' for international payments. Checking the names of recipient accounts was 'standard practice' for British banks, Barclays claimed. It believed that if Westpac had made the checks it would have 'immediately shown a discrepancy' and prevented Che's money being lost. Barclays claimed another 'critical error' was Westpac assuming the missing digit was from the suffix, though it would not comment directly on Westpac's processes. The Herald reported last week that Westpac chief executive Catherine McGrath personally intervened in the case last year by contacting Barclays about Che's plight. However, Barclays confirmed that McGrath's outreach had 'no bearing' on its decision-making on refunding Che's money. Westpac defends processes, denies making any error In a statement, Westpac said it empathised with Che and was glad the matter had been resolved. 'We disagree with the assertion that Westpac made errors in the processing of his payment, and this view is supported by the Banking Ombudsman's preliminary consideration of this case.' While Britain and New Zealand had a confirmation of payee name matching service for domestic transactions, there was no such system for international payments. Advertise with NZME. In regards to the suffix, New Zealand banks accepted 15- and 16-digit account numbers, 'so there was no explicit missing digit in the number Mr Che provided'. 'For a 15-digit account number, New Zealand banks add an extra zero to the suffix. This does not change the account the money goes into.' As well as Che's account error, a 'key factor' in his loss was the seven-week delay in notifying Westpac that his funds were missing. 'We encourage any customers who haven't received an expected payment to get in touch with their bank immediately.' Westpac's actions 'reasonable': banking expert Massey University banking expert Claire Matthews believed it was 'reasonable' for Westpac to assume the missing digit was a suffix number. A missing account number would usually generate an error, she said. 'In this case, it is unfortunate both that the error resulted in a valid account number and that the recipient was dishonest.' Matthews said the payment process was likely automated. While there were checks the banks could have done, they carried costs which had to be weighed against the overall benefits. She added that customers needed to take care, particularly when making large payments. 'I have a lot of sympathy for the customer in this case, and the cost to him of this mistake. However, that doesn't mean Westpac is at fault.'
NZ Herald
05-05-2025
- Business
- NZ Herald
Westpac reports 10% profit growth, partially thanks to popularity of floating interest rates
Westpac New Zealand chief executive Catherine McGrath says Reserve Bank capital rules could increase borrowing costs by 50 basis points. Photo / Mark Tantrum Westpac New Zealand's profits are continuing to rise, as it makes more money from existing customers, rather than materially growing its business. The Australian-owned bank's New Zealand division reported a net profit of $525 million in the six months to March – a 10% rise from the same period
Scoop
05-05-2025
- Business
- Scoop
Westpac NZ Posts Resilient Half-year Result
Press Release – Westpac New Zealand Westpacs lending to corporate and small business segments grew faster than the market for the half, building on strong growth in the previous financial year. Westpac New Zealand (Westpac NZ) [i] has reported a net profit of $525m for the six months ended 31 March 2025, positioning it well to support New Zealand's economic recovery. Net profit was up 10% on the prior corresponding period, with operating income up 8%, offset by a 6% increase in expenses as the bank invested strongly in new technology and digital capability. However, net profit was down 9% compared to the six months ended 30 September 2024, reflecting higher impairments and operating costs than the previous six months. Home lending grew 3% and business lending grew 1%, with deposits up 3% on the prior corresponding period in what continues to be a highly competitive environment. 'We're the smallest of the four largest banks. We're not satisfied with that position and we are competing hard to grow,' Westpac NZ Chief Executive Catherine McGrath says. 'That means offering points of difference, through competitive pricing and innovative products and services, while also helping drive action on issues that matter to New Zealanders like fighting fraud and scams, getting more families into their own homes and boosting financial inclusion. 'While the global economic outlook is mixed, this financial result positions us well to support the economy's growth over the second half of the year.' Growth mindset Westpac's lending to corporate and small business segments grew faster than the market for the half, building on strong growth in the previous financial year. 'We need small and medium businesses thriving to help build economic momentum and we have a real focus to support them. We've cut some variable business lending rates by 2.10% since last July – more than the 2.00% the OCR has fallen in that time – to encourage them to invest and grow,' Ms McGrath says. 'We estimate farmers and growers are saving an average of around $46,500 a year each in interest costs due to interest rate falls since last July. Our Agri bankers increased their proactive calls and outreach by 12% on the previous year, to help them manage issues like on-farm inflation and plan for the future. 'We helped first home buyers purchase 3,463 new homes over the last six months – a 12% increase on the same time last year – and we're also driving the growth of social and affordable housing by providing $334m of new lending to help more families into affordable homes.' Competitive products and services With uncertainty in the economy and living costs still elevated, Ms McGrath says customers are looking for help managing their money, as well as products and banking experiences that make their lives easier. 'In January we launched a special 11.95% personal loan debt consolidation campaign [ii], helping customers manage more than $14m of debt more effectively at a time of year when financial strain is often high,' Ms McGrath says. 'As branch usage declines, we're exploring other ways to meet community needs. This month we're launching our first mobile community banker service – a van that will travel between Invercargill, Te Anau and Winton to help Southlanders do their banking [iii]. We're also continuing our community banker model in Wairoa following a successful trial there.' In April the bank began piloting a new 'basic' bank account [iv], which was one of the recommendations of the Commerce Commission's Market Study into Personal Banking Services. 'The basic bank account will be a transactional bank account with simplified functionality, helping people who otherwise may not have been eligible for a standard bank account to receive work or benefit payments, pay bills or do many other day-to-day tasks we take for granted. 'A bank account is essentially a passport to the economy and should be available to as many people as possible. We're keen to work with other financial providers on basic bank accounts to reduce exclusion across the industry.' Taking the fight to financial criminals Fraud and scams continue to be a top concern for customers. Westpac's ongoing investment to help keep customers safe through new technology such as biometric software has led to an 11% increase in fraud prevention compared to the same time last year, helping reduce customer losses to fraud and scams by 14%. For every $10 of known fraud and scams that touched Westpac's systems in the last six months, the bank prevented, recovered or reimbursed $9. In March Westpac rolled out digital credit and debit cards for customers with dynamic security codes [v], reducing the chance of fraudulent activity on their card if their details were stolen. 'We're the first New Zealand bank to offer a dynamic security code feature alongside instant issuance for debit cards,' Ms McGrath says. 'That means a customer who gets a new or replacement debit card can start spending online straight away, and they can spend with confidence knowing we're working round the clock to keep their money safe. 'We're making progress as an industry, and are pleased to see other parts of the ecosystem stepping up, such as Google rolling out financial services verification to crack down on fake investment ads. However, we're concerned that other social media and tech companies' continued lack of action is putting New Zealanders' money at risk. 'There's a lot more they could be doing to clamp down on financial crime, such as rolling out their own financial services verification process, as well as cracking down on fake profiles and regulating social media marketplaces to protect buyers and sellers. 'We're investing to improve our systems and processes all the time, but banks are only the 'offramp' to a successful scam. Social media and online platforms are a major 'onramp' and we want to work with them to stop fraud and scams at their source.' Key financials (All comparisons are for the 6 months ended 31 March 2025 versus the same period last year) Pre-provision profit of $763 million, up 11% (up 10% excluding Notable Items). Net profit of $525 million, up 10% (up 9% excluding Notable Items). Net operating income of $1,497 million, up 8% (up 8% excluding Notable Items). Operating expenses of $734 million, up 6% (up 6% excluding Notable Items). Net impairment charge of $33 million, compared with an impairment charge of $23 million in the previous period. Net interest margin 2.26%, up 15 basis points excluding Notable Items. Home lending up 3% to $69.5 billion, Business lending up 1% to $33.0 billion, Deposits up 3% to $80.9 billion. A mixed economic picture Despite mixed economic indicators and uncertainty around the impact of tariffs on global trade, Westpac is predicting New Zealand's economy to grow 2.6% this year and 3% in 2026 – albeit with downside risks. 'Although the geopolitical outlook and global trade environment continues to change week to week, our economists currently think the impact of tariffs to New Zealand's economy will be manageable,' Ms McGrath says. 'Domestically, the picture is mixed. GDP growth in the December 2024 quarter was stronger than expected and many higher-frequency indicators have shown improvement, such as business confidence and housing market and manufacturing activity. 'But consumer spending has faltered recently. Economic growth is not yet broad-based, with urban areas lagging rural areas that have benefited from improving tourism and strong commodity prices, particularly in the dairy and meat sectors. 'Households have seen volatility in their KiwiSaver balances in recent weeks, which may be unsettling, but should serve as a reminder to think long term and ensure their investment goals have them on track for the retirement they want. 'While it's hard to make any firm predictions right now, uncertainty is likely to persist over the coming months. We'll continue to stand alongside our customers to help them weather the challenges and take advantage of the opportunities ahead.' Notes: [i] Westpac NZ is a segment of the Westpac Banking Corporation Group (Westpac Group). Westpac NZ includes, but is not limited to, Westpac New Zealand Limited, BT Funds Management (NZ) Limited and WBC (New Zealand branch). The financial results of the Westpac New Zealand Limited Banking Group (WNZL Banking Group) will be available in the Westpac New Zealand Limited Disclosure Statement, with a reconciliation between the two results also provided in the Westpac NZ Summary Financials section of this media release.
Scoop
04-05-2025
- Business
- Scoop
Westpac NZ Posts Resilient Half-year Result
Westpac New Zealand (Westpac NZ)[i] has reported a net profit of $525m for the six months ended 31 March 2025, positioning it well to support New Zealand's economic recovery. Net profit was up 10% on the prior corresponding period, with operating income up 8%, offset by a 6% increase in expenses as the bank invested strongly in new technology and digital capability. However, net profit was down 9% compared to the six months ended 30 September 2024, reflecting higher impairments and operating costs than the previous six months. Home lending grew 3% and business lending grew 1%, with deposits up 3% on the prior corresponding period in what continues to be a highly competitive environment. 'We're the smallest of the four largest banks. We're not satisfied with that position and we are competing hard to grow,' Westpac NZ Chief Executive Catherine McGrath says. 'That means offering points of difference, through competitive pricing and innovative products and services, while also helping drive action on issues that matter to New Zealanders like fighting fraud and scams, getting more families into their own homes and boosting financial inclusion. 'While the global economic outlook is mixed, this financial result positions us well to support the economy's growth over the second half of the year.' Growth mindset Westpac's lending to corporate and small business segments grew faster than the market for the half, building on strong growth in the previous financial year. 'We need small and medium businesses thriving to help build economic momentum and we have a real focus to support them. We've cut some variable business lending rates by 2.10% since last July – more than the 2.00% the OCR has fallen in that time – to encourage them to invest and grow,' Ms McGrath says. 'We estimate farmers and growers are saving an average of around $46,500 a year each in interest costs due to interest rate falls since last July. Our Agri bankers increased their proactive calls and outreach by 12% on the previous year, to help them manage issues like on-farm inflation and plan for the future. 'We helped first home buyers purchase 3,463 new homes over the last six months – a 12% increase on the same time last year - and we're also driving the growth of social and affordable housing by providing $334m of new lending to help more families into affordable homes.' Competitive products and services With uncertainty in the economy and living costs still elevated, Ms McGrath says customers are looking for help managing their money, as well as products and banking experiences that make their lives easier. 'In January we launched a special 11.95% personal loan debt consolidation campaign[ii], helping customers manage more than $14m of debt more effectively at a time of year when financial strain is often high,' Ms McGrath says. 'As branch usage declines, we're exploring other ways to meet community needs. This month we're launching our first mobile community banker service – a van that will travel between Invercargill, Te Anau and Winton to help Southlanders do their banking[iii]. We're also continuing our community banker model in Wairoa following a successful trial there.' In April the bank began piloting a new 'basic' bank account[iv], which was one of the recommendations of the Commerce Commission's Market Study into Personal Banking Services. 'The basic bank account will be a transactional bank account with simplified functionality, helping people who otherwise may not have been eligible for a standard bank account to receive work or benefit payments, pay bills or do many other day-to-day tasks we take for granted. 'A bank account is essentially a passport to the economy and should be available to as many people as possible. We're keen to work with other financial providers on basic bank accounts to reduce exclusion across the industry.' Taking the fight to financial criminals Fraud and scams continue to be a top concern for customers. Westpac's ongoing investment to help keep customers safe through new technology such as biometric software has led to an 11% increase in fraud prevention compared to the same time last year, helping reduce customer losses to fraud and scams by 14%. For every $10 of known fraud and scams that touched Westpac's systems in the last six months, the bank prevented, recovered or reimbursed $9. In March Westpac rolled out digital credit and debit cards for customers with dynamic security codes[v], reducing the chance of fraudulent activity on their card if their details were stolen. 'We're the first New Zealand bank to offer a dynamic security code feature alongside instant issuance for debit cards,' Ms McGrath says. 'That means a customer who gets a new or replacement debit card can start spending online straight away, and they can spend with confidence knowing we're working round the clock to keep their money safe. 'We're making progress as an industry, and are pleased to see other parts of the ecosystem stepping up, such as Google rolling out financial services verification to crack down on fake investment ads. However, we're concerned that other social media and tech companies' continued lack of action is putting New Zealanders' money at risk. 'There's a lot more they could be doing to clamp down on financial crime, such as rolling out their own financial services verification process, as well as cracking down on fake profiles and regulating social media marketplaces to protect buyers and sellers. 'We're investing to improve our systems and processes all the time, but banks are only the 'offramp' to a successful scam. Social media and online platforms are a major 'onramp' and we want to work with them to stop fraud and scams at their source.' Key financials (All comparisons are for the 6 months ended 31 March 2025 versus the same period last year) Pre-provision profit of $763 million, up 11% (up 10% excluding Notable Items). Net profit of $525 million, up 10% (up 9% excluding Notable Items). Net operating income of $1,497 million, up 8% (up 8% excluding Notable Items). Operating expenses of $734 million, up 6% (up 6% excluding Notable Items). Net impairment charge of $33 million, compared with an impairment charge of $23 million in the previous period. Net interest margin 2.26%, up 15 basis points excluding Notable Items. Home lending up 3% to $69.5 billion, Business lending up 1% to $33.0 billion, Deposits up 3% to $80.9 billion. A mixed economic picture Despite mixed economic indicators and uncertainty around the impact of tariffs on global trade, Westpac is predicting New Zealand's economy to grow 2.6% this year and 3% in 2026 – albeit with downside risks. 'Although the geopolitical outlook and global trade environment continues to change week to week, our economists currently think the impact of tariffs to New Zealand's economy will be manageable,' Ms McGrath says. 'Domestically, the picture is mixed. GDP growth in the December 2024 quarter was stronger than expected and many higher-frequency indicators have shown improvement, such as business confidence and housing market and manufacturing activity. 'But consumer spending has faltered recently. Economic growth is not yet broad-based, with urban areas lagging rural areas that have benefited from improving tourism and strong commodity prices, particularly in the dairy and meat sectors. 'Households have seen volatility in their KiwiSaver balances in recent weeks, which may be unsettling, but should serve as a reminder to think long term and ensure their investment goals have them on track for the retirement they want. 'While it's hard to make any firm predictions right now, uncertainty is likely to persist over the coming months. We'll continue to stand alongside our customers to help them weather the challenges and take advantage of the opportunities ahead.' Notes: [i] Westpac NZ is a segment of the Westpac Banking Corporation Group (Westpac Group). Westpac NZ includes, but is not limited to, Westpac New Zealand Limited, BT Funds Management (NZ) Limited and WBC (New Zealand branch). The financial results of the Westpac New Zealand Limited Banking Group (WNZL Banking Group) will be available in the Westpac New Zealand Limited Disclosure Statement, with a reconciliation between the two results also provided in the Westpac NZ Summary Financials section of this media release. [ii] [iii] [iv]
