Banks get lots of profit for not much expense

The Commerce Commission has limited its inquiry to personal banking, but the scope should be wider. (Image: Getty)

Fri, 14 Jul 2023

The decision to restrict the Commerce Commission's bank investigation to personal banking is a thumbs-up for politics but a thumbs-down for reality.There's lots I could say but I’ll limit myself to these five thoughts:More than 50% of bank profits come from outside personal banking.Banks need to both price for risk and take risks.The 2021 OECD Economic Survey for Australia pointed to banks not lending to small and medium-sized enterprises and other problems – you could rinse and repeat here.Financial sector gross operating s...

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Markets Market close

NZ sharemarket down over 1.5% for the week

The S&P/NZX 50 Index closed at 12,559.28, down 79.62 points or 0.63%.

Graham Skellern 6:12pm

Markets

Just Life Group sells The Cylinder Guy

Just Life Group CEO says it was probably a mistake buying the business in 2020.

John Anthony 3:30pm

Finance

Spark board mum on future of dividend, asset sales

Shareholders will have to wait until company's half-year results to learn more.

Ben Moore 3:20pm

Spark board mum on future of dividend, asset sales

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Finance

Spark board mum on future of dividend, asset sales

Shareholders will have to wait until company's half-year results to learn more.

Ben Moore 3:20pm

Finance

Potentia invests in early childhood education platform

Potentia Capital is taking a majority stake in early childhood software provider Storypark for an undisclosed sum.The technology specialist investment firm said the “substantial capital backing” would come from its A$670 million (NZ$736m) Fund 2, which was raised in 2022.It said...

Staff reporters 11:20am