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Investment
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Banks make further record profits in first quarter

But their first rise in bad debt provisioning in nearly two years indicates headwinds.

KPMG banking partner John Kensington speaks with Maria Slade.

Maria Slade Wed, 29 Jun 2022

Despite a slowing housing market, the banks made a record 8% increase in profits in the first quarter of this year.

The nine major banks made a collective $1.74 billion in net profit in the three months to March, up from $1.61b in the previous quarter, KPMG’s latest survey of the sector shows.

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Contact the Writer: maria@nbr.co.nz
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