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According to the latest business advisory firm KPMG’s Financial Institutions Performance Survey, the coronavirus pandemic has had a significant negative impact on New Zealand’s banking sector so far but the worst is yet to come.

Key findings

“The second lockdown, there’s been a bounce back, but the indicators are that it isn’t as strong.“

“Some people have taken one body blow and got back from it but if you take a second perhaps you don’t get up off the canvas. I think it’s going to be the next two quarters when you see how things shape up.”

“Banks are having to give more consideration to how they identify and manage at-risk individuals at a time of financial hardship for many.”

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