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24 Jul 2021 16:59
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  •   Home > News > Business

    A record-breaking bounce back for New Zealand's banks

    A record-breaking bounce back for New Zealand's banks


    KPMG's Financial Institutions Performance Survey shows banks made more than 1.6-billion dollars in profit, in the first three months of the year.

    It follows all-time low margins over last year's lockdowns.

    The report puts it down to higher lending, the reversal of bad debt provisioning and the Government's economic policies, like the wage subsidy.

    Banking and Finance Head John Kensington says it's good news. .

    He says when the banks make big losses, the Government has to bail them out, they lose trust and can't offer the same services as before.

    © 2021 Newstalk ZB, NZCity

     Other Business News
     24 Jul: To take a step back from the Olympics for a second... the Warriors have been able to get on with business despite the news of New Zealand and Australia's withdrawal from this year's Rugby League World Cup
     24 Jul: Eight weeks without Australia isn't phasing the Capital
     24 Jul: The pause to the Trans-Tasman bubble is blow to South Island ski fields
     24 Jul: A report is suggesting 80 per cent of New Zealanders believe home ownership is impossible
     23 Jul: Popular activewear maker Lorna Jane has been fined $5 million and labelled "predatory and exploitative" by an Australian Court
     23 Jul: The Olympics opening ceremony starts tonight, but here's a side of Tokyo you won't see
     23 Jul: Indonesia is the new epicentre of the COVID pandemic as the Delta variant surges and vaccination rates lag
     Top Stories

    RUGBY RUGBY
    Brook Robertson and Stephen Jones are through to the semifinals in the men's rowing pair at the Tokyo Olympics More...


    BUSINESS BUSINESS
    To take a step back from the Olympics for a second... the Warriors have been able to get on with business despite the news of New Zealand and Australia's withdrawal from this year's Rugby League World Cup More...



     Today's News

    Rugby League:
    The Warriors are avoiding tagging this afternoon's NRL match against South Sydney as a must-win 16:56

    Entertainment:
    Chrissy Teigen has revealed the stack of condolence letters she received from fans, after her baby son Jack was stillborn in September 2020 16:54

    Entertainment:
    Meghan, Duchess of Sussex, "wanted to meet someone" on her London trips 16:24

    Rugby League:
    The Warriors take on the SOuth Sydney Rabbitohs in the NRL this afterbnoon 16:16

    General:
    Here are some of the big moments to watch out for during the Tokyo Olympics 16:06

    General:
    Missed the Tokyo Olympics opening ceremony? Here are the key moments and how to watch the highlights 15:56

    Rugby:
    Brook Robertson and Stephen Jones are through to the semifinals in the men's rowing pair at the Tokyo Olympics 15:56

    Entertainment:
    The Duke and Duchess of Cambridge have shared a new photograph to celebrate Prince George's eighth birthday 15:54

    Living & Travel:
    Aucklanders who use the rail network will now have a quick and convenient trip to the airport 15:36

    Rugby League:
    A six-game losing run? You wouldn't have thought it seeing the Warriors go about their pre-match preparations this week 15:26


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