New Zealand

Details

  • Industry: Financial Services
  • Type: Survey report
  • Date: 18/04/2013

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John Kensington

John Kensington 

Head of Financial Services

+64 9 367 5866

 

Matt Prichard

Matt Prichard 

Head of Audit

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FIPS Quarterly - December 2012 

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Results from the major banks to 31 December 2012

 

Survey participants achieved a total net profit after tax of $855 million in the quarter, an increase of 10.5% from the previous quarter.

This increase in profit was mainly driven by an increase in non-interest income, which is affected by gains in fair value movements reported by some entities and to some extent a reversal of the prior quarter movements.

 

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There was also a reduction in operating expenses which shows the banks' efforts to control costs and in some cases the completion of IT projects commenced in the prior year.

In an extension of the 2012 trend, there has also been a continued improvement in the quality of assets for banks, leading to a reduction in the impairment expense this quarter. These movements were partially offset by a larger tax expense than the previous quarter.

 

Please contact us if you would like to hear more about this latest FIPS Quarterly.

Financial Institutions Performance Survey - FIPS surveys and quarterly updates produced by KPMG's Financial Services team.