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Finance sector profits booming
Wednesday 27th of February 2013
Accounting firm KPMG’s annual Financial Institutions Performance Survey (FIPS) found that bank profits had increased by 13.6% to just under $3.7 billion in the year to September 30, the result of improved lending margins and a reduction in impaired assets.
Lower funding costs saw banks achieve a net interest margin of 2.25% over the year, up from 2.22% in 2011.
The improved margin...
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