A big hit for the country's biggest bank

ANZ New Zealand's cash profit has slumped 29 percent - to 1.371 billion dollars in the year to September.

The decrease was primarily driven by increased credit impairment charges, because of Covid-19.

The Herald's Tamsyn Parker says banks are holding on to some cash, in case of further losses early next year.

She says the mortgage deferral scheme ends next March -- so what happens after that is up in the air.