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Financial Institutions Performance Survey FIPS Review of 2018

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Financial Institutions Performance Survey FIPS Review of 2018 Financial Institutions Performance Survey FIPS Review of 2018 1 3.61% 11.21% escalation in growth in NPAT operating expenses 8 2 2.56% 3 7.35% rise in net decrease in provisions interest income 4 bps 4 6.03% increase in net increase in interest margins gross lending 7 5 18.19% 6 13 bps rise in gross drop in average impaired assets funding costs Contents 2 The Survey 4 A KPMG view from the editor 8 Industry overview 18 Timeline of events 22 Sector performance 30 Cost to income ratio 34 Analysis of annual results 42 Major banks – Quarterly analysis 46 Conduct: Success will mean exceeding clear expectations 50 Capital gains tax – Will Kiwis really say ’Let’s do this’? 52 The Reserve Bank: Enriching disclosures and relationships 54 FMA: Conduct sets the agenda for the year ahead 56 Spotlight on banking conduct 58 Massey: Banking industry forecasts 64 Ownership and credit ratings 65 Descriptions of the credit rating grades 66 Definitions 67 Endnotes 69 KPMG’s Financial Services Team 70 Contact us 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 2018 The Survey KPMG’s Financial Institutions TABLE 1: ENTITY MOVEMENTS Performance Survey (FIPS) Who’s out Who’s in report of 2018 represents the Banks: 24 — Nil — Nil 32nd year that KPMG has provided in-depth insights In late 2018, we published and We wish to thank the survey into New Zealand’s banking launched our Non-bank Financial participants for their valued sector. In this 32nd edition, Institutions Performance Survey contribution, both for the additional we will be presenting industry (Non-bank FIPS). The Non-bank FIPS information provided and for the time document can be downloaded from made available to meet and discuss commentary and analysis KPMG’s website and can be located at the industry issues with us. the following link: https://home.kpmg/ on the performance of the Massey University continues to nz/en/home/insights/2018/12/fips-non- New Zealand registered be a partner and key contributor to banks-2018.html banks, together with a range the compilation of this publication, There have been no changes to the assisting with the data collection, of topical articles from other bank participants this year, except as well as drafting the banks’ key stakeholders such as for the name change of MUFG Bank, profit forecasting section of this industry experts, regulators Ltd., formerly known as The Bank of survey. We thank them for their Tokyo-Mitsubishi UFJ, Ltd. However, continued contribution. and our own business leaders. in December 2017, the Reserve Bank External contributors continue to of New Zealand (RBNZ) registered play a vital role in our publication, China Construction Bank Corporation providing insight on key issues to operate in New Zealand as a and developments that we might branch in addition to the subsidiary The survey covers registered bank not otherwise have. We would like (dual licenced), and in March 2018, entities with balance dates between acknowledge the contributors from the RBNZ also registered the Bank of 1 October 2017 and 30 September the RBNZ, the Financial Markets China Limited to operate as a branch 2018. As a result, registered banks Authority (FMA) and New Zealand with a dual licence. China Construction with the balance date of 31 December Bankers’ Association (NZBA) for their Bank and the Bank of China have will have their 31 December 2017 exceptional contributions toward the 31 December balance dates, their financial results included in this compilation of this publication. year’s survey as their most recent first year end of dual results will be results. Those affected include Bank included in next year’s survey. We have supplemented their external thought leadership commentary with of China, China Construction Bank, As with all previous FIPS Surveys, some of KPMG’s own business line Citibank, Industrial and Commercial the information used in compiling our thought leadership. We trust you find Bank of China, JPMorgan Chase analysis is extracted from publicly the content of this survey of interest. Bank, Kookmin Bank, Rabobank available annual reports and disclosure and The Hongkong and Shanghai statements for each organisation, with Banking Corporation. the exception of certain information provided by the survey participants. © 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. FIPS 2018 | KPMG | 3 © 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 4 | KPMG | FIPS 2018 A KPMG view from the editor Following on from 2017, 2018 While the joint regulators found that the issues that were uncovered by the has turned out to be another Royal Commission in Australia were record year for the banking not prevalent to anywhere near the sector’s profits, which should same extent in New Zealand’s banking industry, they did however issue some bring much confidence and clear messages to the banks as to buoyancy to the sector and what was expected going forward. The the economy generally. Review report has made it very clear that it is no longer adequate to simply However, a big question say “we are different”. Banks have hovering like a black cloud been put on notice by the regulators over the sector is whether that, by March 2019, they want to see both how they are going to ensure the banking industry is at that the customer is put first in all somewhat of a crossroads their dealings going forward and also how they can prove it. Each bank by John Kensington and facing some of the most now will have received a specific letter Partner – Audit challenging times it ever has. outlining areas the two regulators want Head of Banking and Finance them to address. KPMG In early November 2018, the While an appropriate focus, one of FMA and RBNZ released the difficulties with putting customers at the centre of everything an John has been with KPMG’s Financial their joint review on the Services audit team for over 33 years, industry/entity does is that customer 21 of these as a partner working with state of conduct and culture expectations, both individually and as a a wide range of financial services in the New Zealand banking society, are constantly changing. When audit clients, specialising in banks and this is married to the instant impact of finance companies. industry (the Review report). social media and a much more socially This was followed by an aware and active society, it is a difficult John has a wealth of experience in goal to achieve. The situation is further auditing and accounting for banking RBNZ capital consultation compounded by the fact that there is products and services including released in early December, no industry that puts its customers treasury, retail offerings, corporate and last week, the Royal first in all its interactions that can be loans and loan provisioning. He is used as a blue print. In addition, good currently Head of KPMG’s Banking Commission into Financial customer outcomes, as they are and Finance team and editor of this Services in Australia released often referred to, are quite different publication. John is also Deputy its final report. Many from a good customer experience Chairman of the New Zealand – one requires measurement over a Auditing and Assurance Standards participants believe it is continuum while the other at a point Board (NZAuASB) and serves as a the impact of these three, in time. Banking industry participants board member of the XRB. John together with the normal have until March 2019 to provide a plan is also a fellow of CA ANZ and a that addresses governance at the top member of the Institute of Directors. business as usual challenges, all the way down to specific controls that puts the banks and the and procedures, and the way customer outcomes will be measured. economy at a crossroads. © 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. FIPS 2018 | KPMG | 5 Good customer outcomes being at the Just prior to Christmas, on This will not only cause parent forefront of everything is a concept 5 December 2018, the RBNZ issued banks to re-assess their portfolio, that no one has any difficulty with. The its consultation on changes to a but if returns are not restored good customer outcomes mantra is capital structure of banks. Many in will see a fall in value impacting something many industry groups have the market were caught by surprise, both the sharemarket and fund become more aware of and are now perhaps expecting this to be more of values, such as KiwiSaver that hold striving to achieve. The difficulty for the a form of fine tuning around the way these securities. banking sector is that it is the first cab capital was calculated, bringing some — Secondly, it is not as simple as off the rank in terms of creating it and of the New Zealand calculations more the parent companies or the then trying to measure it, and there is in line with offshore methods, some banks themselves (in the case no existing industry or business model tweaking to the different models in New Zealand owned entities) to follow, and the regulators have not available to banks to calculate capital, simply raising more capital.
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