Finance coys cut costs, lifted interest margins: KPMG

"The subdued economic environment has meant little, if any, earnings momentum and accordingly the area that management have been able to have most impact on has been operating costs," KPMG says in its latest survey of non-bank financial institutions.

The survey now includes only 16 finance companies, down from 31 last year, reflecting the large number of receiverships and KPMG deciding to lift the threshhold for inclusion in its survey to $100 million in total assets from $50 million previously.

Among those 16 companies, operating expenses compared to operating income fell to 45.6% in the latest year from 73% the previous year.