NZ bank profits climb 20% in 2014 in face of cheaper funding

Wed, 25 Feb 2015

By Paul McBeth Feb. 25 (BusinessDesk) - New Zealand bank profits rose 20 percent to a record last year as low global interest rates made it easier for lenders to compete for mortgage customers in a highly competitive market. Net profit across New Zealand's registered banks rose to $4.84 billion in calendar 2014 from $4.02 billion in 2013, according to KPMG's 2014 financial institutions performance survey. The bulk of the increase in profits came from a $657 million increase in non-interest income, including a $91 million insurance settlem...

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