Banks see biggest drop in profits in a decade
The sector’s allowance for bad debts may be overkill, KPMG report finds.
More than $1 billion in provisioning for bad debts pushed New Zealand banks’ profits down 28% in 2020, KPMG’s latest survey of the sector shows.
Its Financial Institutions Performance Survey for the Covid-affected year reveals the industry’s overall net profit was down $1.58b to $4.14b
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