Photo / FileNew Zealand bank profits fell by a whopping 28 per cent in 2020 - a drop of $1.58 billion to $4.14 billion. After the GFC bank profits dipped 1.2 per cent in 2007 and 0.1 per cent in 2008. Of the big four banks, Westpac saw the biggest drop in net profits, falling nearly 40 per cent to $681m. Kiwibank, the fifth major bank, also saw a drop in its profits of 47 per cent to $57m. The three Chinese banks saw the biggest growth in net profits, with Bank of China growing its net profit by 392 per cent, ICBC up 212 per cent and China Construction Bank up 72 per cent.

Source: New Zealand Herald February 23, 2021 16:00 UTC