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Financial Institutions Performance Survey FIPS Review of 2017

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Financial Institutions Performance Survey FIPS Review of 2017 Financial Institutions Performance Survey FIPS Review of 2017 1 3.68% 7.35% escalation in growth in NPAT operating expenses 8 2 3.94% 3 1.17% rise in net decrease in provisions interest income 9 bps 4 4.68% decline in net increase in interest margins gross lending 7 5 7.30% 6 40 bps drop in gross drop in average impaired assets funding costs Contents 2 The Survey 4 A KPMG view from the editor 6 Industry overview 18 Timeline of events 22 Some of the significant management changes in the sector 24 Sector performance 36 Analysis of annual results 44 Major banks – Quarterly analysis 48 Getting practical with blockchain 52 Conduct, robo-advice and good client outcomes 56 Revolutionising the banking eco-system 60 Getting past compliance crisis management 66 Customer friction – reducing through emerging trends in Fintech innovation 70 RBNZ: Modernising disclosures with Bank Financial Strength Dashboard 72 FMA: Show us better outcomes for your customers 74 NZBA: Code of Banking Practice breaks new ground 76 Massey: Banking industry forecasts 82 Ownership and credit ratings 83 Descriptions of the credit rating grades 84 Definitions 85 Endnotes 87 KPMG’s Financial Services Team 88 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 2017 The Survey The KPMG Financial TABLE 1: ENTITY MOVEMENTS Institutions Performance Who’s out Who’s in Survey (FIPS) report of 2017 Deutsche Bank AG, Banks: 241 — Nil represents the 31st year that New Zealand Group KPMG has provided in-depth insights into New Zealand’s As with all previous FIPS Surveys, We wish to thank the survey banking sector. In this edition, the information used in compiling participants for their valued we will be presenting industry our analysis is extracted from contributions in the following two commentary and analysis publicly available annual reports ways: for the additional information provided and for the time made on the performance of the and disclosure statements for each organisation, with the exception of available to meet and discuss the New Zealand registered certain information provided by the industry issues with us. banks, together with a range survey participants. Massey University continues to be a partner and key contributor to the of topical articles from other In late 2017, we published and compilation of this publication by launched our Non-bank Financial key stakeholders such as assisting with the data collection and Institutions Performance Survey (Non- industry experts, regulators drafting the banks’ profit forecasting bank FIPS) separately, as opposed to and our own business leaders. section of this survey. We thank the combined Banks and Non-Banks them for their continued assistance launch in prior years. Accordingly, and contribution. the Non-bank FIPS document is no longer appended to the rear of External contributors continue to play a vital role in our publication by The survey covers registered banks this publication. The Non-bank FIPS providing insight on key issues and with balance dates between 1 October document can be downloaded from developments that we might not 2016 and 30 September 2017. As KPMG’s website and located at the otherwise have. We would like to a result, registered banks with the following link: https://home.kpmg.com/ acknowledge the contributors from balance date of 31 December will nz/en/home/insights/2017/12/fips-non- the RBNZ, the Financial Markets have their 31 December 2016 financial banks--review-of-2017.html. Authority (FMA), and New Zealand results included in this year’s survey Bankers’ Association (NZBA) for their as their most recent results. The banks Following the announcement of exceptional contributions toward the with 31 December balance dates are its withdrawal from New Zealand, compilation of this publication. Bank of China, China Construction Deutsche Bank has since surrendered Bank, Citibank, Industrial and its banking license to the Reserve We have supplemented their external Commercial Bank of China, JPMorgan Bank of New Zealand (Reserve Bank thought leadership commentary with Chase Bank, Kookmin Bank, Rabobank or RBNZ) in August of 2016. Hence, some of KPMG’s own business line and The Hongkong and Shanghai Deutsche Bank is no longer included in thought leadership. We trust you will Banking Corporation. this publication. find this survey’s content of interest. © 2018 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 2017 | KPMG | 3 © 2018 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 2017 A KPMG view from the editor Following on from a trying and The key takeaways from the 2017 year highlighted by the survey are volatile 2016, industry profits as follows: rebounded in 2017. — One aspect that continues to underpin the banking sector’s performance is the strength of its balance sheet. In some respects, the year appears — In contrast to 2016, the banking to have been as if it were one of two sector produced an impressive halves. During the first half of the year, increase in profitability. The the advent of revisions to Australian combination of growth in net Prudential Standards (APS) 110 Capital interest income and non-interest Adequacy and APS 120 Securitisation income, as well as a significant led to intense competition for increase in asset quality, has deposits, thus resulting in some contributed to this record result. banks refinancing and altering internal These changes outweighed the John Kensington policies while slowing their lending increase in operating expenses. books’ growth. Meanwhile, the second Partner – Audit — The sector margin decreased by half of the year saw lending growth Head of Banking and Finance 9 basis points (bps) from 2.17% to accelerate again, although more slowly KPMG 2.08%. This decline was caused than historic levels. The New Zealand primarily by increased competition economy still remains strong in spite of on the lending side offset with some uncertainty, particularly around John has been with KPMG’s partial relief on the funding side. Financial Services audit team for issues pertaining to the housing market — Asset quality is going from over 30 years. He spent nineteen of and construction. Nevertheless, other strength to strength with the ratio these working as a partner with a pockets such as tourism, and the of total provisions to average gross wide range of financial services audit primary sector performed well on the loans and advances decreasing clients, specialising in banks and back of stronger commodity prices 5 bps this year. This reduction, finance companies. and a weaker NZD. Unemployment is at an all-time low. Views remain combined with a significant decline John has a wealth of experience in mixed around the potential effects in impairment expense due to auditing and accounting for banking arising from some of the new coalition banks tightening their selection products and services including government’s policies, as their policies criteria, has resulted in the positive treasury, retail offerings, corporate have contributed to further to the outcome of better asset quality. loans, and loan provisioning. He is feelings of uncertainty, especially when — Non-major banking participants currently Head of KPMG’s Banking regarding immigration and foreign have noticed the effect of the and Finance team and editor of this ownership. A cautious approach is stricter Australian regulations on publication. John is also Deputy required so as to not deter foreign capital levels in New Zealand, a Chairman of the New Zealand investment, the migration of skilled development which has led to Auditing and Assurance Standards workers, and tourists, all of which are slower lending by the Australian- Board (NZAuASB), serves as a key contributors to New Zealand’s owned banks in the sector than board member of the XRB (External economic growth. There was a very real they used to practice. The major Reporting Board), and is also a feeling that things are on hold in a ‘wait banks have reiterated that prior member of CA ANZ and the Institute and see’ pattern. years’ trends of low lending rates of Directors. and high volume growth will be unlikely to continue. © 2018 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 2017 | KPMG | 5 — It is clear that banks are still trying — The implementation of NZ — The constant threat of disruption to understand the ‘customer IFRS 9 Financial Instruments has and the growth of digitisation in of tomorrow’, they are trying to begun, with banks set to notice the banking sector are issues align their strategy in a customer an impact resulting from a credit that continue to be a challenge centric environment. The subtle model recognising ‘expected loss’ as the sector builds its pace. move from ‘customer service’ to rather than the previous ‘incurred All Executives have said they ‘customer experience’ is crucial loss’. BNZ is on the forefront of will continue to digitise their to ensure that overall customer implementation and impacts have offerings. Some survey participants satisfaction is reached. been felt on their bottom line. remarked that the most successful initiative would likely be in the — Fintech continues to be a hot topic.
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