NZ banks still make good profits despite housing market slowdown – KPMG

A slowdown in the housing market and higher operating costs have taken the wind out of the banking sector’s profits.

The latest update from KPMG, which covers the country’s biggest nine banks, shows the New Zealand banking sector’s profits were stable in the June quarter.

The country’s banks experienced a 1.04 per cent decrease in profit from $1.2 billion in the March quarter to $1.19b. It follows a 2.85 per cent decline the previous quarter.

John Kensington, KPMG’s head of banking and finance, said the major contributing factor to the dip in profits was an increase in operating expenses.

from Ellie NZ Rss http://www.stuff.co.nz/business/97461520/NZ-banks-still-make-good-profits-despite-housing-market-slowdown-KPMG

from
https://ellieplume83.wordpress.com/2017/10/02/nz-banks-still-make-good-profits-despite-housing-market-slowdown-kpmg/