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July 2005
Bank profits continue to rise
KPMG has recently released its Financial Institutions Performance Survey 2005 (FIPS). The survey records the relative performance of New Zealand’s financial services. The overwhelming theme from the past year of financial performances appears to be high profits recorded by many companies. The big four Australian owned banks made over $2 billion in New Zealand during 2004. KPMG Financial Services Group Deputy Chairman, Godfrey Boyce believes that the profits are not a lucky one-off result, but part of a pattern of record-breaking profits.
“Every year, someone says that’s the peak – and yet every Sunday for as long as I’ve been involved, bank assets and profits have continued to climb. This year was no different. The reported profits were up once again. When will it ever end? It probably depends on some of the things that have driven growth thus far - competition, innovation and the strength of the economy.” he said.
The survey also records similar results for many other registered banks, financial institutions and credit unions.
|
Net profit for 2004 ($)
|
Net profit per minute ($)*
|
Operating income per average employee ($)
|
Total assets ($)
|
Number of employees
|
|
|
ANZ National
|
680,000,000
|
6,069
|
388,000
|
70,831,000
|
8,884
|
|
ASB
|
471,000,000
|
4,203
|
274,000
|
33,047,700
|
3,575
|
|
BNZ
|
617,000,000
|
5,506
|
302,000
|
39,241,000
|
4,779
|
|
Westpac
|
316,800,000
|
2,827
|
340,000
|
41,937,000
|
5,004
|
|
Total
|
2,084,800,000
|
18,606
|
324,000
|
185,056,700
|
22,242
|
