Steve Jurkovich: Kiwibank CEO on their 9% drop in annual profit, net interest margin dropping to 2.1%

Kiwibank says the banking sector's becoming fiercely competitive.  The Crown-owned bank has reported a 9% drop in annual profit.  Its net interest margin —a key metric of profitability— has dropped to 2.1%.  Chief Executive Steve Jurkovich told Mike Hosking the margin has dropped from about 2.4% a few years ago.  He says wholesale rates have increased, and the advisor market has given consumers more price transparency.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.