The Financial Markets Authority found people think banks act in their own interests, not the long-term interest of customersNew Zealand banks are some of the most profitable in the world, a ratings house says. New Zealand banks made a combined $5.77 billion last year, up 11.21 per cent from the year before. New Zealand Bankers' Association chief executive Roger Beaumont said there was a competitive environment in New Zealand. The Fitch report noted New Zealand also had high levels of household debt, by international standards. Fitch said it expected deterioration in banks' asset quality over the next year because impaired loan levels are at historical lows.

Source: Stuff April 18, 2019 03:56 UTC