KPMG says banks aren’t making excessive profits

KPMG's John Kensington said banks understand their social obligations. (Image: Supplied)

Tue, 14 Mar 2023

The profitability of New Zealand’s banks is actually lower than the average profits earned by the companies within the S&P/NZX 50 Index, and claims they’re making excessive profits lack the backing of any real research.That’s despite the banks collectively chalking up record profits in the last two years.And since the country is facing a difficult couple of years economically, the banks are likely to use their strength to help their customers through.These are key findings of KPMG’s latest annual survey of banks, whi...

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