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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.

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
News tip? Question? Typo? Let us know: editor@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. 
No major shocks expected in ComCom banking probe: KPMG
General Business,
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