Latest / Early Edition with Ryan Bridge
Ryan Bridge: Kiwibank's result proves there is competition for banks
There's a lot of noise around banks in this country, but results speak for themselves.
If I had a dollar for every time a politician said there's no competition in the banking sector, that they're price-gouging tyrants, I'd be richer than Elon Musk and Jeff Bezos put together.
But let's take a closer look, shall we?
Kiwibank reported annual profit was down 9% yesterday.
Why? Their interest margins were down. That's the difference between the revenue they make from charging us interest on loans and the cost of paying us interest on our savings.
Why did this happen?
According to the CEO, in…
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