NZ banking minnows expand lending more aggressively in March qtr; sector profit falls

Tue, 17 Jul 2018

By Paul McBeth July 18 (BusinessDesk) - New Zealand's banking minnows loaned more aggressively in the first three months of the year, a period advisory firm KPMG noted as showing a deterioration in asset quality which contributed to smaller sector profit. The country's licensed lenders posted an 11 percent drop in net profit to $1.24 billion in the three months ended March 31, coming off a record result in December quarter, which KPMG said was due to a reduction in non-interest income, increased costs and higher impaired asset expenses....

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