KPMG FIPS Survey 2016

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FIPS Financial Institutions Performance Survey Review of 2016

February 2017

kpmg.com/nz

Contents 2

The Survey

80

Non-banks industry overview

4

A KPMG view from the editor

82

Non-banks – Industry overview

8

Banking industry overview

90

Looking back at the non-bank sector

10

Registered banks – Industry overview

92

Non-banks – Timeline of events

20

Registered banks – Timeline of events

94

Financial Services Federation

24

Registered banks – Sector performance

96

Non-banks – Sector performance

34

Registered banks – Analysis of annual results

102 Where is P2P lending at today?

42

Major banks – Quarterly analysis

104 Non-banks – Analysis of annual results

46

Review of bank directors’ attestation regime

108 Cyber security: It’s not just about technology

48

Sustainable performance requires good conduct

114 Registered banks – ownership and credit ratings

50

More legislation? Success is all about customer-centricity

115 Non-banks – Credit ratings

54

Transforming the agri‑food industry

117 Descriptions of the credit rating grades

58

Customers drive banking innovation

118 Definitions

60

Get ready to embrace digital disruption

119 KPMG’s Financial Services Team

62

Blockchain – time to understand the value

120 Contact us

66

IFRS 9 – Rising to the challenge

70

Generating a leading house price index

72

Productivity is a strategic imperative for New Zealand banks

74

What FATCA, GATCA and other tax changes will mean

76

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