Renewed calls for focus on bank profits

(Image: Getty)

Fri, 05 May 2023

The National and Green parties are calling on the government to act on bank profits, following a Reserve Bank of New Zealand report which showed the country's major banks are among the most profitable in the world.Earlier this week, the Reserve Bank issued its six-monthly financial stability report which showed NZ banks had the highest rates of return on equity among comparable countries.On Thursday, BNZ announced a 13.5% increase in first-half profit, as widening margins more than offset growing charges for bad debts and rising costs.Open...

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