12 Apr 2012

Bank profits rising

6:58 am on 12 April 2012

A new survey suggests bank profits continue to climb.

KPMG's latest financial institution performance survey shows New Zealand banks made $1.147 billion in the final three months of last year.

That's $77 million, or about 7%, more than in the previous quarter and $430 million, or 60%, more than in the same period a year earlier.

KPMG says lending remains flat. While banks' average interest margins fell in the quarter, they rose during the year.