A dip in banking profits is being put down to increased competition and geopolitical uncertainty.

The latest Financial Institutions Performance Survey from KPMG shows combined profits in the banking sector dropped 2.85 percent over the first quarter to $1.2 billion.

John Kensington head of banking and finance, told Andrew Dickens the cooling housing market has also affected profits.

“The Auckland property market is a big part of where banks lend money, that has slowed down both in terms of the volume and through product transactions going through.”

 

Read the original source article& listen to the audio of John Kensington speaking with Andrew Dickens here

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