Media release, 23 October 2012
Financial Institutions Performance Survey
- Bank profits recover from March quarter, up 44.6%
- Bank assets up 2.3% to $370 billion
- European debt crisis continues to fuel concern
The KPMG quarterly survey (June 2012) of financial institutions performance shows the country’s banks have recovered reductions in profit in the March quarter with net profits up 44.6% for the June quarter. The reversal highlights the impact of market volatility on the banks’ quarterly earnings.
Total bank assets were up 2.3% from the previous quarter to $370 billion. This was largely driven by ANZ and Westpac with gains coming from increases in the value of trading securities and derivative financial instruments.
The European debt crisis continues to fuel concern that New Zealand banks’ ability to access funding could be limited if a failure to rectify underlying issues result in a loss of confidence and a tightening of the global debt markets.
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