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

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)
Gregor Thompson
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...

More Economy

NZ tradies take up $11,000 Aussie emigration offer
Economy

NZ tradies take up $11,000 Aussie emigration offer

Nearly 100 skilled NZers have submitted a claim since January.

Gregor Thompson 21 Mar 2025
NZ leaves recession behind as 4Q GDP lifts 0.7%
Economy

NZ leaves recession behind as 4Q GDP lifts 0.7%

GDP lifts slightly more than expected. 

Staff reporters 20 Mar 2025
Dire consumer confidence doesn't bode well
Economy

Dire consumer confidence doesn't bode well

The headline confidence index slumped to 89.2 from 97.5 a quarter earlier.

Rebecca Howard 19 Mar 2025