How profitable are New Zealand’s banks?

How profitable are New Zealand’s banks?
New Zealanders see bankers as self-satisfied fat cats. (Image: Corrections)
Pattrick Smellie
New Zealand is a good country in which to run a bank.The numbers tell us that, although not the same numbers as most of the popular outrage about bank profits are looking at.The fact that ANZ’s NZ arm racked up an annual net profit above $2 billion for the first time doesn’t say anything about its profitability other than that it is a very large business.“I think we all agree, having a really strong, stable banking system is really important to NZ,” the BNZ’s chief executive, Dan Huggins, said yesterday after the b...

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