NZ banks lift interest income in 2013 as funding costs fall, margins stay flat

Mon, 03 Mar 2014

By Jonathan Underhill March 3 (BusinessDesk) – New Zealand’s registered banks managed to lift their net interest income in 2013, in spite of intense competition in the residential mortgage market, as wholesale funding costs fell and banks eased off chasing retail deposits. Banks registered with the Reserve Bank recorded a combined 2.7 percent, or $219 million increase in net interest income in the 12 months ended Sept. 30, according to KPMG’s latest Financial Institutions Performance Survey. They managed that growth even as their net interest...

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