NZ banks boost first-quarter profits 8.6%, cost-cutting offsets thinner margins

Tue, 14 Jul 2015

By Paul McBeth July 15 (BusinessDesk) - New Zealand bank profits rose 8.6 percent in the first three months of the year as lenders honed costs while lending margins fell. KPMG's quarterly Financial Institutions Performance Survey (FIPS) shows the New Zealand banking sector lifted net profit to $1.25 billion in the three months ended March 31 from $1.15 billion in the December quarter, when earnings dropped 8.3 percent. Net interest margins across the sector shrank five basis points to 2.29 percent as banks fought for residential mortgage...

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