News | Business
18 Feb 2018 8:20
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
     16 Feb: NZ shares up, Tourism Holdings hits record
     16 Feb: Mercer 1H loss narrows, revenue doubles
     16 Feb: Judge rules on primacy in mine application
     16 Feb: Tourism Holdings pours cash into RV JV
     16 Feb: No Tower fire sale: Suncorp
     16 Feb: Electric car sharing service first in NZ
     15 Feb: CBL chief quits amidst share suspension
     Top Stories

    RUGBY RUGBY
    Blues lose young flanker to injury More...


    BUSINESS BUSINESS
    NZ shares up, Tourism Holdings hits record More...



     Today's News

    Law and Order:
    Donald Trump's Guantanamo Bay 8:15

    Rugby League:
    Sharks win NRL trial win against Manly 7:55

    Politics:
    Cyclists head to Auckland Harbour Bridge 7:45

    Living & Travel:
    One dead after Canterbury crash 7:35

    Accident and Emergency:
    Ammonia leak at Tegel in Taranaki 7:25

    Rugby League:
    Broncos thrash Titans 38-10 in NRL trial 7:15

    Soccer:
    10-man Reds snatch draw with Mariners 7:05

    Cricket:
    Aussies buoyant ahead of Eden Park return 6:25

    Living & Travel:
    Chinese New Year: Remembering how I first ate dog meat, and how differences bring us together 4:35

    Rugby League:
    Dufty shines, Dragons rusty against Hull 23:05


     News Search






    Power Search


    © 2018 New Zealand City Ltd