Kiwibank's profits dip as banking sector becomes increasingly competitive
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Kiwibank says the banking sector's becoming fiercely competitive.
The Crown-owned bank has reported a 9% drop in annual profit.
Its net interest margin —a key metric of profitability— has dropped to 2.1%.
Chief Executive Steve Jurkovich told Mike Hosking the margin has dropped from about 2.4% a few years ago.
He says wholesale rates have increased, and the advisor market has given consumers more price transparency.
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