News | Business
26 Feb 2018 6:35
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    NZ banks enjoy record profits in 2017

    New Zealand's banks enjoyed a record year in 2017, their profits rising 7.35 per cent to $5.1 billion.


    New Zealand's banks set a sector profit record in 2017, their profits rising 7.35 per cent to $5.1 billion.

    It was complete reversal of the previous year's $3.17m drop in profits, KPMG's Financial Institutions Performance Survey says.

    The increase was largely attributed to improvements in the dairy industry and national economy.

    "In contrast to 2016, the banking sector produced an impressive increase in profitability. The combination of growth in net interest income and non-interest income, as well as a significant increase in asset quality, has contributed to this record result," KPMG audit partner John Kensington said.

    Banks' total assets continued to grow in 2017, reaching a new high of $504b, with all five major banks reporting increases in their loan books of between 1 per cent and 7.57 per cent.

    However, major bank growth slowed compared to last year and they appeared less competitive in the lending market, KPMG said.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     26 Feb: Passenger rail disruption due in Auckland
     25 Feb: Stiassny heads public media advisory group
     25 Feb: Auckland train driver strike starts Monday
     24 Feb: NZ banking on ODI form against England
     23 Feb: CBL Insurance is in interim liquidation
     23 Feb: Northport upbeat on regional fund
     23 Feb: Santa complaint against Coca-Cola upheld
     Top Stories

    RUGBY RUGBY
    Quad injury sidelines Tahs lock Simmons More...


    BUSINESS BUSINESS
    Passenger rail disruption due in Auckland More...



     Today's News

    Business:
    Passenger rail disruption due in Auckland 6:25

    Cricket:
    Taylor ton and Santner knock see NZ home 22:45

    Health & Safety:
    Bad batch of Ecstasy makes people ill 21:55

    Law and Order:
    Russell McVeagh defends culture again 21:15

    Living & Travel:
    Missing hunter found on Stewart Island 19:45

    Golf:
    Steady Campbell wraps up NZPGA title 19:35

    Rugby League:
    Eels flex muscles in NRL trials 18:55

    Soccer:
    Muscat rejoices after Victory bounce back 18:05

    Rugby League:
    Eels, Roosters big winners of NRL trials 16:55

    Business:
    Stiassny heads public media advisory group 16:45


     News Search






    Power Search


    © 2018 New Zealand City Ltd