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Banking in New Zealand Industry Data and Analysis
Driven by mortgage lending as their largest revenue stream, New Zealand’s banks have maintained robust revenues despite cooling property prices between 2022-23 and 2023-24. The RBNZ's rate hikes from 0.25% in 2020-21 to an average of 5.48% in 2023-24 boosted mortgage interest income. While foreign investment and tight inventories keep real estate prices afloat, technology upgrades and regulations add cost pressures for major banks, squeezing profit margins. After falling over the three years through 2021-22, resulting from low interest rates and reduced mortgage revenue, banks found growth through 2024-25, with heightened interest rates raising mortgage revenue. However, a drop-off is expected in 2025-26 as rates fall again. Overall, industry revenue has risen at an annualised 9.3% over the past five years and is expected to total $37.5 billion in 2025-26, when revenue is estimated to drop by 18.4%.
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What's included in this industry analysis
IBISWorld's research coverage on the Banking industry in New Zealand includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released February 2026.
About this industry
What's this industry report about?
The Banking industry in New Zealand operates under the ANZSIC industry code K6221NZ. Banks handle financial processes like accepting deposits and issuing consumer and commercial loans. Related terms covered in the Banking industry in New Zealand include tier 1 capital, net interest spread and cash rate.
What's included in this industry?
Products and services covered in Banking industry in New Zealand include Mortgages, Business, personal and credit card loans and Other banking services.
What companies are included in this industry?
Companies covered in the Banking industry in New Zealand include ANZ Bank (New Zealand), ASB Holdings and Westpac New Zealand.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Banking industry in New Zealand.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Banking industry in New Zealand.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Banking industry in New Zealand.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Banking industry in New Zealand. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Banking industry in New Zealand. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Banking industry in New Zealand. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Banking industry in New Zealand. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Banking industry in New Zealand.
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Frequently Asked Questions
What is the market size of the Banking industry in New Zealand in 2026?
The market size of the Banking industry in New Zealand is $37.5bn in 2026.
How many businesses are there in the Banking industry in New Zealand in 2026?
There are 27 businesses in the Banking industry in New Zealand, which has declined at a CAGR of 0.0 % between 2021 and 2026.
How may import tariffs affect the Banking industry in New Zealand?
The Banking industry in New Zealand is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Banking industry in New Zealand?
The Banking industry in New Zealand is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Banking industry in New Zealand grown or declined over the past 5 years?
The market size of the Banking industry in New Zealand has been growing at a CAGR of 9.3 % between 2021 and 2026.
What is the forecast growth of the Banking industry in New Zealand over the next 5 years?
Over the next five years, the Banking industry in New Zealand is expected to grow.
What are the biggest companies in the Banking industry in New Zealand?
The biggest companies operating in the Banking industry in New Zealand are ANZ Bank (New Zealand), ASB Holdings and Westpac New Zealand
What does the Banking industry in New Zealand include?
Mortgages and Business, personal and credit card loans are part of the Banking industry in New Zealand.
Which companies have the highest market share in the Banking industry in New Zealand?
The company holding the most market share in the Banking industry in New Zealand is ANZ Bank (New Zealand).
How competitive is the Banking industry in New Zealand?
The level of competition is high and increasing in the Banking industry in New Zealand.
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