HNZ appear to have tailwinds while other banks face headwinds.More niche markets,more nimble on their feet,better equity,NZ owned, etc.
Provisioning as always appears sound.Good bankers know their risk/reward ratios.HNZ has experienced bankers and boards.
As has been pointed out a number of times HNZ loans on livestock is sound profitable business.
HER appears to be gaining traction, and with higher margins than ordinary mortgages, will certainly add excellent growing earnings to HNZ's growing stable of profitable sectors.HER security is sound.Repaying debt faster, proves the doubters who thought HER's repayments would drag the chain, wrong.