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bank profits

The faster growing economy bolsters corporate profits

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More on banks profits this morning. 

Radio NZ's Economics Editor looked more generally at how company profits aren't getting anywhere near their workers. 

NZ banks urged to share profits with staff

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Following an annual report on banks, on Tuesday we said that big profits at New Zealand’s banks show they have ample room to improve pay and bring in less stressful working conditions.

Wealthy banks can better support staff

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Tuesday, March 4, 2014

Big profits at New Zealand’s banks show they have ample room in coming weeks to improve pay and bring in less stressful working conditions, the bank workers’ union said today.

Record profits for Westpac

Friday, November 8, 2013

Westpac chief executive Peter Clare is confident that the bank’s record profits can continue after a 9% increase on last year brought profit to $770 million.

Rising profits have been attributed to a sharp reduction in bad debts (from $191 million to $117 million). Customer deposits rose 11% to $46.6 billion, outpacing overall lending growth of 4% to $61.6 billion.

BNZ net profit up 19.8%

Friday, November 1, 2013

BNZ’s statutory net profit to September 30 increased by 19.8% to $695 million, with cash earnings rising 6.3% to $788 million. Its Australian parent, National Australia Bank, posted after-tax profits rose by 33.6% to NZ$6.24 billion and cash earnings of NZ$6.8 billion.

Banking profits at pre-crisis levels

Friday, October 4, 2013

In the three months to June 30 NZ retail banks’ profits have risen $52 million (5.4%) to $1.023 billion, stirred by increased net interest margins (the difference between interest rates for borrowing and lending) and the growth in Auckland house prices (which are reported to have now hit record highs).

Big Four Aussie banks are killing it

Friday, May 10, 2013

The first half of the financial year has been very good to “Big Four” Australian-owned banks, which have turned in collective cash profits of $1.8 billion in the first half of the financial year. That equates to around $400 for every man, woman and child in New Zealand.

Westpac rewards shareholders with first special dividend in 25 years

Monday, May 6, 2013

Australia’s second largest bank (which owns the NZ Westpac) unveiled a special 10 cents-a-share dividend payout after posting first-half cash earnings of $NZD4.22 billion.

Michael Bennet, Banking correspondent for the Australian, reported that the high earnings were driven by, “cost-cutting, lower bad debts and a margin boost from holding back some of the official rate cuts from homeowners.”

Record profits at ANZ

Monday, May 6, 2013

ANZ was the first major NZ bank to post its half-yearly profit statements, recording before-tax profits of $692 million in the half year to 31 March, up 19% from $578 million on the same period last year.

However despite these profits, net interests income – the difference between what a bank earns from lending out versus how much it pays on deposits – was down four person.

Exports key, BNZ chief says

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Bank profits were in the spotlight again this week, with the KPMG quarterly analysis showing reported profits rising by 10.5% to $585 million in the December 2012 quarter.


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