Banks enjoy record profit

A KPMG survey shows the country’s banks had a 7.35 per cent profit boost in 2017 on the year before. They made a record combined $5.19 billion in the year, which reverses a year-on-year profit dip recorded the year before. KPMG’s head of banking and finance, John Kensington, said it was due to a reduction in impaired asset expenses, and an increase in non-interest income. All five major banks reported growth in their loan books for the year of between 1 per cent and 7.57 per cent. Mortgage growth fell from 9.23 per cent in 2016 to 5.54 per cent, while the sector’s assets reached a new high of $504.19b.