Banking industry facts & figures 2023

Economic contribution

In 2023 banks had total equity of $59.96 billion invested in New Zealand.

Banks spent $6.91 billion running their businesses in New Zealand.

Banks paid $2.8 billion in tax in 2023.

Banks employ over 29,000 people. 

The five major banks paid $3.52 billion to over 26,000 employees nationwide.

Source: KPMG’s Financial Institutions Performance Survey Review of Banks 2023

Loans to households at December 2023 totalled $357.5 billion.

Loans to businesses (excluding agriculture) at December 2022 totalled $124.5 billion.

Loans to the agricultural sector at December 2022 totalled $62.5 billion.

Source: RBNZ C5 Sector lending (registered banks and non-bank lending institutions)

Industry strength

“New Zealand’s banking system remains well placed to handle potential external shocks and a downturn in the economy, as shown by recent stress tests. Banks’ liquidity positions are strong and capital ratios are well progressed towards meeting the higher requirements being phased in by 2028.”

Source: Reserve Bank of New Zealand Financial Stability Report, November 2023

Banking by numbers

New Zealand has over 650 bank branches.

New Zealand has over 1800 bank-owned ATMs.

New Zealand banks have an total assets of $699.5 billion.

In 2023 the return on assets was 1.03%.

Banks’ average return on equity in 2023 was 12.48%.

Banks’ average net interest margin in 2023 was 2.34%, up from 2.1% in 2022.

In 2023 the five major New Zealand banks had an average total capital adequacy ratio of 18.3%.

Source: KPMG’s Financial Institutions Performance Survey Review of Banks 2023