NZ bank margins stay high as recession bites

As interest rates have risen, so have banks' net interest margins. (Image: Getty)

Thu, 29 Jun 2023

New Zealand’s trading banks continue to report historically high net interest margins – a basic measure of profitability and competitiveness – despite worsening economic conditions and falling profits.The quarterly KPMG Financial Institutions Performance Survey (FIPS), published today (on Thursday), is the first snapshot of bank performance since the government last week announced a Commerce Commission market study into competition for banking services.The data, drawn from the first three months of this year, found that the ni...

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