Banking industry facts & figures 2021

Economic contribution

In 2021 banks made a direct contribution of $8.52 billion to the New Zealand economy.

Banks spent $6.12 billion running their businesses in New Zealand.

Banks paid $2.4 billion in tax in 2020.

Banks employ over 27,000 people. 

The five major banks paid $3.02 billion to over 25,000 employees nationwide.

Source: KPMG Financial Institutions Performance (FIPS) Review of 2021

Industry strength

“The global economy continues to face challenges from the COVID-19 pandemic and, with asset prices appearing stretched, the economic outlook is uncertain. In this environment, New Zealand’s financial system has been resilient and continues to support households and businesses as they manage their way through the pandemic.”

Source: Reserve Bank of New Zealand (RBNZ) Financial Stability Report, November 2021

Banking by numbers

New Zealand has over 700 bank branches.

New Zealand has over 2,200 bank ATMs.

New Zealand banks have an asset base (total assets) of $637 billion.

In 2021 the return on assets was 0.99%.

Banks’ average return on equity in 2021 was 12.49%.

Banks’ average net interest margin in 2021 was 1.97%, up from 1.96% in 2020.

In 2021 the five major New Zealand banks had an average total capital adequacy ratio of 17.44%.

Source: KPMG FIPS Review of 2021


Loans to households at December 2021 totalled $325.9 billion.

Loans to businesses (excluding agriculture) at December 2021 totalled $115.7 billion.

Loans to the agricultural sector at December 2021 totalled $61.8 billion.

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