27 Feb 2013

Banking sector profits up 14%

7:12 am on 27 February 2013

Banking sector profits jumped nearly 14% to $3.7 billion in New Zealand last year.

KPMG's Financial Institutions Performance Survey shows the sector enjoyed strong profit despite low lending growth, and small margin growth.

KPMG head of financial services John Kensington said this is the third year of significant growth.

Customer deposits grew by a tenth and it was the third year there has been significant growth.