New Zealand

Details

  • Service: Advisory
  • Industry: Financial Services, Corporate & Investment Banking, Retail Banking
  • Type: Press release
  • Date: 23/10/2012

Media contact

Brett Cammell

External Communications

+64 9 367 5977

+64 21 335 740 

bcammell@kpmg.co.nz

FIPS quarterly - June 2012 

FIPS quarterly - June 2012   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. 

 

For media inquiries please contact:


Brett Cammell

External Communications

+64 9 367 5977

+64 21 335 740 

bcammell@kpmg.co.nz

 

Press releases - KPMG press releases. 

FIPS Quarterly - June 2012

fips quarterly
Net profit for the quarter was $914m, up 44.6% from the previous quarter.

Financial Services

Focused and practical audit, tax and advisory services for the insurance, retail banking, corporate and investment sectors.
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