Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Rabo NZ chief Daryl Johnson resigns


Rabo NZ chief Daryl Johnson resigns after less than two years in the job

By Sophie Boot

Nov. 15 (BusinessDesk) - Rabobank New Zealand chief executive Daryl Johnson has resigned, less than two years after taking over the reins of the rural lending specialist.

Johnson's resignation will take effect on Dec. 22, and Rabobank NZ has commenced a process to appoint a new chief executive officer, chair Henry van der Heyden said in a statement to the NZX. Johnson joined the bank in July last year, having previously led National Australia Bank's Asia business.

In March, the rural lending specialist posted a 14 percent decline in annual profit to $89.5 million last year. The decline in profit was largely due to the bank booking $15.1 million in impairment charges on bad debt. At the time, Johnson said the provisioning was prudent given the challenging dairy industry conditions experienced in recent seasons.

New Zealand lenders have been struggling to attract depositors over the past year as record low interest rates reduce the appeal of term deposits, meaning banks have been forced to tap more expensive wholesale funding lines overseas. However, Rabobank increased deposits 8.5 percent to $4.14 billion through 2016.

The bank is owned by Netherlands-based Rabobank Nederland.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>