24 Feb 2021

Banking sector's finances take pandemic hit

From Morning Report, 8:19 am on 24 February 2021

The banking sector's finances have taken their biggest annual hit in in a decade.

Business advisory firm KPMG's latest sector review shows bank profits fell 28 percent in the last year to $4.1 billion.

Expenses were up and bank margins fell, while there was a slight lift in lending.

John Kensington is KPMG's head of banking and finance.