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NZ bank profits fell 28 per cent in 2020 but they still made over $4 billion – New Zealand Herald

Impaired asset expenses rose sharply across the banks.

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The big four banks accounted for 99 per cent of the $1.58 billion reduction in net profit after tax. Photo / FileNew Zealand bank profits fell by a whopping 28 per cent in 2020 – a drop of $1.58 billion to $4.14 billion.
The fall was the largest in the 10-year history of KPMG’s Financial Institutions Performance Survey as higher impairment expenses and operating costs took their toll on the banks.
John Kensington, head of banking and finance at KPMG, said while Covid-19 appeared to have had a more…

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