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Financial Institutions Performance Survey FIPS Banks – Review of 2019

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Financial Institutions Performance Survey FIPS Banks – Review of 2019 Financial Institutions Performance Survey FIPS Banks – Review of 2019 1 3.93% 0.99% escalation in decrease in NPAT operating expenses 8 2 10.85% 3 4.79% rise in net increase in provisions interest income 2 bps 4 5.37% decrease in net increase in interest margins gross lending 7 5 8.91% 6 11 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 20 Timeline of events 22 Sector performance 30 Analysis of annual results 38 Major banks: Quarterly analysis 42 Capital adequacy: The bar is set higher 46 Cultural takeaways: Lessons from financial services in China 48 Tax governance and compliance: The new certainty 50 FMA: Looking forward to a year of consolidation and change 52 NZBA: Conduct, culture and capital 54 CoreLogic: Review of property banking in 2019 56 Massey: Banking industry review and forecasts 60 Ownership and credit ratings 61 Descriptions of the credit rating grades 62 Definitions 63 KPMG’s Financial Services Team 64 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 2019 The Survey The KPMG Financial TABLE 1: ENTITY MOVEMENTS1 Institutions Performance Who’s out Who’s in Survey (FIPS) report of 2019 — Bank of China (NZ) Banking represents the 33rd year that Group Banks: 26 — Nil KPMG has provided in-depth — China Construction Bank (NZ) insights into New Zealand’s Banking Group banking sector. In this 33rd edition we will be presenting industry commentary and In late 2019 we published and registered bank or banking group, such analysis on the performance launched our FIPS Non-bank – Review as with Kiwibank and Heartland, will of the New Zealand registered of 2019 publication. This publication not be included. can be accessed at the following banks, together with a range We wish to thank the survey link: https://home.kpmg/nz/en/home/ participants for their valued of topical articles from other insights/2019/12/fips-non-bank-2019. contribution, both for the additional html key stakeholders such as information provided and for the time industry experts, regulators There have been two changes to the made available to meet and discuss and our own business leaders. survey participants this year, with the industry issues with us. Massey the inclusion of the Bank of China University continues to be a partner New Zealand Branch and the China and key contributor to the compilation Construction Bank New Zealand of this publication, assisting with the Branch, each with a 31 December data collection, as well as drafting the The FIPS publication covers registered 2018 balance date, each now dual- banks’ profit forecasting section of bank entities with balance dates registered banks. As with other this survey. We thank them for their between 1 October 2018 and dual-registered banks, we will present continued contribution. 30 September 2019. As a result, the results of the New Zealand External contributors continue to registered banks with the balance banking group for both Bank of China play a vital role in our publication, date of 31 December have had their New Zealand and China Construction providing insight on key issues and 31 December 2018 financial results Bank New Zealand. included in this year’s survey as their developments that we might not most recent results. This includes Bank As with all previous FIPS publications, otherwise have. We would like to of China, China Construction Bank, the information used in compiling our acknowledge the contributors from Citibank, Industrial and Commercial analysis is extracted from publicly the Financial Markets Authority (FMA), Bank of China, JPMorgan Chase available annual reports and disclosure New Zealand Bankers’ Association Bank, Kookmin Bank, Rabobank and statements for each organisation, with (NZBA) and CoreLogic for their The Hongkong and Shanghai Banking the exception of certain information exceptional contribution towards the Corporation. provided by the survey participants. compilation of this publication. The results only include operations We have supplemented their external within the respective banks or banking thought leadership commentary with groups, so any operations within some of KPMG’s own business line the wider group, but outside of the thought leadership. We trust you find the content of this survey of interest. © 2020 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 2019 | KPMG | 3 © 2020 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 2019 A KPMG view from the editor FIPS Banks – Review of Since the final decisions were released in December 2019, it has 2018 ’s key themes were been fairly quiet from the banks – a summarised as the 3 C’s: stark contrast from the views being Capital, Conduct/Culture, and expressed by some banks and banking commentators during the consultation confidence. These continue to period. This is likely driven partly by be some of the main themes an acceptance that these are now in the FIPS Banks – Review the rules and nothing can be done except to prepare for them to become of 2019 publication. This year effective, partly that banks don’t need also sees more discussion another reason to face a potential regarding fintech/disruption, public backlash by appearing to care just about margins when the changes the changing customer, and a aim to make the banking system safer, skill shortage in the banking and partly that no bank wants to attract the attention of the RBNZ in a time John Kensington sector and wider economy. when many banks are being stung, Partner – Audit publicly, both here and in Australia, by Head of Banking and Finance other control failures such as capital KPMG calculation issues and Anti-Money Bank capital was the most frequent Laundering (AML) issues. In addition, headline during 2019, and main topic banks are looking to rebuild the of discussion with survey participants. public trust. 2019 saw the consultation period end, One thing that will determine how continued discussion in the sector, successful these capital changes will external experts assess the proposed be is how the banks, individually and capital changes, and a final set of as a sector, respond to these changes decisions released early December. over the next few years. An outcome The final decisions have been best that is suggested by many is that to received by the smaller banks, achieve the new capital requirements, who are happy that their minimum the banks will, amongst other things, requirements will be less than that likely review their books, client by of the big four banks, and that a cap client, and reassess and reprice risk, has been set to limit the benefits the with the possibility of credit rationing. big banks get by using an internal For riskier clients in particular, rates ratings-based capital method. In effect will likely increase and loan covenants they welcome this as a levelling of may become more restrictive, or in the playing field. However, both big more severe cases the bank may and small banks are pleased that the discontinue funding. Deposit rates Reserve Bank of New Zealand (RBNZ) will likely reduce further; however, took some submitter’s concerns into there is likely to be a floor in these consideration, in particular the RBNZ rates as there will be certain levels of increased the implementation period rates where term deposit investors and indicating they would allow a will start looking for another home for lower form of capital, Additional Tier 1 their money in large droves, which will (AT1), to be used to meet minimum reduce available funding for the banks. requirements (conditional on obtaining RBNZ approval). © 2020 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 2019 | KPMG | 5 There will be limited scope for This year has been relatively benign Part of the issue is when the business banks to reduce their operating in respect of headlines, with the life survey comes in, things like the expenses, given there have already insurers bearing most of the brunt of increased fuel tax and minimum been a few non-compliance issues regulator and media scrutiny in 2019 wage come to mind and both cause (in New Zealand and across the due to the release of the results of business expenses to rise. In addition, Tasman) and each bank really doesn’t the RBNZ and FMA review into the the government is also announcing want to be the one that has the industry in September 2019. As a that it is spending more but not a next ‘oops’ moment and compliance result of 2019 seemingly calmer in lot of it seems to be actually flowing costs money. this space for the banks and with through to action. In addition, the other issues at the forefront of mind, government has had some false starts Eventually, if the banks go ‘too far’, many survey participants believed that (Kiwibuild), some failures (Tax Working with increases in lending rates, credit they are through the worst of it, that Group), and some changes of mind rationing, or reduction in deposit things have gone more or less back (roading infrastructure).
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