No major shocks expected in ComCom banking probe: KPMG
KPMG’s John Kensington tells NBR that NZ has a ‘very’ competitive banking sector.
KPMG banking partner John Kensington.
Jonathan Mitchell
Wed, 13 Mar 2024
Key points
- What’s at stake: KPMG has released its latest Financial Institutions Performance Survey of the banking sector. It showed combined net profit after tax of $7.2 billion last year, up $20.3 million on 2022.
- Background: The Commerce Commission publishes its draft report next week on the banking sector, while the coalition Government plans reform of the CCCFA and CoFI.
- Key players: KPMG, John Kensington, ANZ, BNZ, Westpac, ASB, Kiwibank, Commerce Commission, FMA, Andrew Bayly.
New Zealand’s banking sector remains resilient, with a slight increase in profitability despite challenging economic conditions.
KPMG’s Financial Institutions Performance Survey of the sector in 2023 showed combined net profit after tax of $7.2 billion last year, up $20.3 million on 2022, of the
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Jonathan Mitchell
Wed, 13 Mar 2024
Contact the Writer: jmitchell@nbr.co.nz
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Key points
- What’s at stake: KPMG has released its latest Financial Institutions Performance Survey of the banking sector. It showed combined net profit after tax of $7.2 billion last year, up $20.3 million on 2022.
- Background: The Commerce Commission publishes its draft report next week on the banking sector, while the coalition Government plans reform of the CCCFA and CoFI.
- Key players: KPMG, John Kensington, ANZ, BNZ, Westpac, ASB, Kiwibank, Commerce Commission, FMA, Andrew Bayly.
Related News
No major shocks expected in ComCom banking probe: KPMG
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