An inquiry into New Zealand's banking sector is expected to be announced today

It's anticipated the Government will task the Commerce Commission with conducting a market study, focused on profits and fees.

National, the Greens and the Reserve Bank have pushed for some form of inquiry over retail banks ballooning profits.

KPMG's Financial Institutions Performance Survey reveals all together, the banks raked in a record 7.18-billion-dollars last year.

The net profit after tax, was one-billion-dollars higher than in 2021.