NZ bank profits down slightly on record Sept quarter, margins still healthy

Thu, 09 Apr 2015

By Fiona Rotherham April 9 (BusinessDesk) - New Zealand bank profits fell slightly in the December quarter from the record results in the previous quarter even as their net interest margins – the difference between the interest they generate and what they pay out to lenders - rose. KPMG’s quarterly Financial Institutions Performance Survey (FIPS) shows the New Zealand banking sector decreased net profit overall, down 8.3 percent, or $103 million, to $1.15 billion, compared to the September quarter, when it rose 11.5 percent. Intense co...

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