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Bank profits drop 20%

Friday 3rd of July 2020
Net profit across the sector fell by 20.4% in the March quarter, compared with the three months to December. The period included the first week of New Zealand's nationwide lockdown.
The banking sector recorded a net profit of $895.6 million in the first three months of the year, but was hit with a "considerable" $659.2 million increase in impaired assets, KPMG said.<...
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