Banks are doing very well for themselves despite the crunch of living costs felt by their customers.
In the three months to June, the banking sector made a profit of one-point-seven-three-billion-dollars, just below the record margins of the previous quarter.
That was a 19 percent gain on a year earlier, and double what banks experienced in 2020.
New research found that 37 percent of South Asian respondents use traditional banks for remittances. Photo: RNZ / 123rf
KPMG's head of banking, John Kensington, says banks seem to be immune from the combined impact of inflation, rising interest rates, supply chain issues, regulatory impacts on lending volumes, and a decrease in confidence.
