KPMG FIPS Survey 2016

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FIPS Financial Institutions Performance Survey Review of 2016

February 2017

Contents 2

The Survey


Non-banks industry overview


A KPMG view from the editor


Non-banks – Industry overview


Banking industry overview


Looking back at the non-bank sector


Registered banks – Industry overview


Non-banks – Timeline of events


Registered banks – Timeline of events


Financial Services Federation


Registered banks – Sector performance


Non-banks – Sector performance


Registered banks – Analysis of annual results

102 Where is P2P lending at today?


Major banks – Quarterly analysis

104 Non-banks – Analysis of annual results


Review of bank directors’ attestation regime

108 Cyber security: It’s not just about technology


Sustainable performance requires good conduct

114 Registered banks – ownership and credit ratings


More legislation? Success is all about customer-centricity

115 Non-banks – Credit ratings


Transforming the agri‑food industry

117 Descriptions of the credit rating grades


Customers drive banking innovation

118 Definitions


Get ready to embrace digital disruption

119 KPMG’s Financial Services Team


Blockchain – time to understand the value

120 Contact us


IFRS 9 – Rising to the challenge


Generating a leading house price index


Productivity is a strategic imperative for New Zealand banks


What FATCA, GATCA and other tax changes will mean


Banking industry forecasts

116 Non-banks – Ownership

KPMG’s Financial Services team provides focused and practical audit, tax and advisory services to the insurance, retail banking, corporate and investment banking, and investment management sectors. Our professionals have an in-depth understanding of the key issues facing financial institutions. Our team is led by senior partners with a wealth of client experience and relationships with many of the market players, regulators and leading industry bodies.

2 | KPMG | FIPS 2016

FIPS 2016 | KPMG | 3

The Survey The KPMG Financial Institutions Performance Survey (FIPS) report of 2016 represents the 30th year KPMG has provided in-depth insights into New Zealand’s banking and finance sector. In this 30th edition publication we will be presenting industry commentary and analysis on the performance of the New Zealand registered banks and non-bank financial institutions, together with a range of topical articles from other key stakeholders such as industry experts, regulators and our own business line leaders. The survey covers registered bank and non-bank entities with balance dates between 1 October 2015 and 30 September 2016. As a result, entities with the balance date of 31 December will have their 31 December 2015 financial results included in this year’s survey as their most recent results. Those affected include Bank of China, China Construction Bank, Citibank, Deutsche Bank, Industrial and Commercial Bank of China, JP Morgan Chase Bank, Kookmin Bank, Rabobank and The Hongkong and Shanghai Banking Corporation. As this year marks the first full year of financial reporting from Bank of China and China Construction Bank, we hope the comparative figures presented will help develop a better