A bumper first quarter for banks operating in New Zealand.
LISTEN ABOVE:Â KPMG's John Kensington talks to Rachel Smalley on KPMG Early Edition about the big results posted for the banking sector
The latest KPMG report shows the sector has lifted after tax profit by $98 million to more than $1.2 billion.
Head of financial services John Kensington says six of the nine participating banks actually recorded growth in after tax profit.
"They have had another strong quarter and a lot of that is on the back of some lending growth, some growth of non-interest earning income, controlling their costs."
"But at the same time they've been under huge pressure because their margins have fallen by five points in the quarter."
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