Banks' net interest margin spread between NZ and Australia increases in 2024

The net interest margin of Kiwibank fell 11bps to 2.38%. (Image: NZME)

Wed, 12 Mar 2025

New data from KPMG’s annual deep dive into the banking sector shows that the spread between net interest margins in New Zealand and Australia at major banks grew in 2024.The Financial Institutions Performance Survey (FIPS), released on Wednesday, surveyed 20 registered banks and collated data from their 2024 accounts. The banks’ reporting dates vary.In aggregate, net interest margins (Nims), a proxy for bank profitability, were flat at 2.34% compared with last year.Only Westpac and ANZ saw Nims increase among major banks, with Westp...

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