New Zealand

Details

  • Industry: Financial Services
  • Type: Survey report
  • Date: 16/02/2012

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 John Kensington

John Kensington 

Head of Financial Services

+64 9 367 5866

 

 Matt Prichard

Matt Prichard 

Head of Audit

+64 9 367 5846

FIPS quarterly - September 2011 

FIPS quarterly

 

Results from the major banks to 30 September 2011

 

Profits at highest level since December 2009, however speculation remains high on Europe and the US economic outlook. The third quarter to 30 September 2011 has shown strong profitability and deposit growth. The official cash rate remained at 2.5%. 

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Aggregate deposits from survey participants are up 3.9% for the quarter, with 7.0% for the year to date. Total assets also rose by $12.6bn for the September quarter, an increase of 3.5%. 

 

On 23 December 2011 another earthquake struck Christchurch which continues to add to the uncertainty around the timing and extent around the rebuild. 

 

Once again the deleveraging discussed in our previous FIPS quarterlies continues and is perhaps reflected in soft business confidence.

 

This has translated, together with the effect of Christchurch insurance payouts, in the flattening of lending growth (loans being repaid) and the increase in deposits (funds placed on deposit pending the rebuild).

 

With an overall economic outlook remaining uncertain, due to the continuation of the economic issues in Europe and the US, our future prospects in the banking sector will in part be determined by the timing and scale of any developments from these regions.

 

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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