New Zealand

Details

  • Industry: Financial Services
  • Type: Survey report
  • Date: 12/07/2012

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John Kensington

John Kensington 

Head of Financial Services

+64 9 367 5866

 

Graeme Edwards - Head of Audit

Graeme Edwards 

Head of Audit

+64 4 816 4522

FIPS Quarterly - March 2012 

FIPS Quarterly 2012

 

Results from the major banks to 31 March 2012

 

  • Profits in the sector are down 45% in the March 2012 quarter with participants achieving an aggregate of $618m (Dec 2011, $1,130m). This is largely due to the reduction in the fair value of financial instruments, possibly the reversal of fair value gains. The quarters profits are higher than the March 2011 quarter by $53m.


  • The official cash rate remains unchanged at 2.5%; the RBNZ have recently indicated that the rate could remain at this record low level through to the first quarter of 2013. As recently as the 14th June 2012 some commentators even suggested a further decrease was possible.


  • Total assets of the survey participants decreased in the period by $2bn, which equates to a reduction of 0.6%. But the quarter also included a 0.9% increase in gross loans and advances – the largest quarterly increase since December 2008.
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For the March 2012 quarter we have revised the population included in our quarterly update to focus on the four Majors and Kiwibank.

 

This reflects the scale of the operations of the four largest banks and Kiwibank who dominate the analysis and drive the trends commented in our quarterly high level snapshot of the industry.

 

Our annual document will still include all regulated banks together with finance companies and savings institutions with total assets greater than $75m

 

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. 
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