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Banking profits up 13.6 percent

Wednesday 27 Feb 2013 9:53a.m.

Banking profits up 13.6 percent

New Zealand banking sector profits rose 13.6 percent in the year to September 2012, according to a survey by KPMG.

Head of financial services John Kensington says it might sound like a lot, but it's not excessive.

He says it's quite fortunate New Zealand's banks didn't indulge in the kinds of practises overseas that led directly to the financial crisis, and a strong banking sector is good for the country.

Watch the video for the full interview.

 

 
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