With signs of recovery from the global financial crisis, NZ’s top 5 banks have shown collective profits of $2.7 billion in the last financial year.
The report, by PwC, on ANZ National, ASB, BNZ, Westpac and Kiwibank ‘wipes out’ the the $76 million loss made by the banks during the GFC.
“The majors’ full-year results reinforce their financial strength and the profitability of New Zealand’s banking system and confirms the ills of 2009 are well and truly laid to rest,” predicts Sam Shuttleworth, financial services partner.
The full article on stuff.co.nz is available here.
