NZ bank profits dip as operating expenses rise in June quarter

Mon, 02 Oct 2017

By Sophie Boot Oct. 3 (BusinessDesk) - New Zealand bank profits dropped in the second quarter as operating expenses rose, outpacing gains from non-interest income. Net profit dipped 1 percent to $1.19 billion in the three months ended June 30 for the country's licensed banks, KPMG's quarterly financial institutions' performance survey (FIPS) showed. Net interest income rose 3 percent to $2.3 billion and non-interest income rose 6 percent to $724.9 million, but that was more than offset by 14 percent growth in operating expenses to $165.5...

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