ASB have reported another record annual profit in the same week that the TSB have said they'll be closing seven of their 25 branches, even though they are rated highly in customer service and satisfaction surveys.
The ASB is our third biggest bank, and they've just reported this record profit, after all costs, of an eye watering $1.56 billion which is an increase of 6% on last year.
In a way that's supposed to induce some form of pity for them, they've also announced that because of the slowing economy and rising interest rates, their earnings have been detrimentally affected. Oh dear. Oh my. How tragic is that?
Isn't it amazing to see the power of the PR machine spinning madly in the background even with a business as profitable as the ASB bank?
Isn't it sickening to see that within the same outward gush of hot halitosis breath, laced with stale gin and tonic from yesterday's celebrations after announcing another record profit; this sentiment of sadness and sorrow apropos their reducing profits?
So why is it that we still flock to these major foreign owned banks regardless of the record profits they make and return offshore?
Are we so short-sighted when it comes to the demonstrable benefits of supporting our own New Zealand made banks - that supporting the big foreign owned major players is just a forgone conclusion?
Another key part of the ASB's record profit announcement yesterday came in the form of their commitment to reducing scams and illegal activity. I guess when you're making such obscene levels of profit, you can invest in anything you want to.
I don't buy into the PR spin of, "we're here for New Zealand and we are here for the New Zealand economy".
Ultimately, that could not be further from the truth. Ultimately, as a business, you're there to impress your senior executives and your shareholders. That's it. Bottom line.
The final part of the ASB's PR statement yesterday was to acknowledge that they are 'actively engaging' with the Commerce Commission market study into personal banking services. I wasn't aware that there was a choice. Of course they have to comply with the commerce commission study.
The only real choice, and the only way to make a difference comes in the form of you and me and where we choose to bank.
I can only dream of a day when we have a commercially, competitive and viable bank that's completely New Zealand owned and operated.
Roman Travers has held many roles within radio, TV, and as a voice over artist. This article was first published HERE
In a way that's supposed to induce some form of pity for them, they've also announced that because of the slowing economy and rising interest rates, their earnings have been detrimentally affected. Oh dear. Oh my. How tragic is that?
Isn't it amazing to see the power of the PR machine spinning madly in the background even with a business as profitable as the ASB bank?
Isn't it sickening to see that within the same outward gush of hot halitosis breath, laced with stale gin and tonic from yesterday's celebrations after announcing another record profit; this sentiment of sadness and sorrow apropos their reducing profits?
So why is it that we still flock to these major foreign owned banks regardless of the record profits they make and return offshore?
Are we so short-sighted when it comes to the demonstrable benefits of supporting our own New Zealand made banks - that supporting the big foreign owned major players is just a forgone conclusion?
Another key part of the ASB's record profit announcement yesterday came in the form of their commitment to reducing scams and illegal activity. I guess when you're making such obscene levels of profit, you can invest in anything you want to.
I don't buy into the PR spin of, "we're here for New Zealand and we are here for the New Zealand economy".
Ultimately, that could not be further from the truth. Ultimately, as a business, you're there to impress your senior executives and your shareholders. That's it. Bottom line.
The final part of the ASB's PR statement yesterday was to acknowledge that they are 'actively engaging' with the Commerce Commission market study into personal banking services. I wasn't aware that there was a choice. Of course they have to comply with the commerce commission study.
The only real choice, and the only way to make a difference comes in the form of you and me and where we choose to bank.
I can only dream of a day when we have a commercially, competitive and viable bank that's completely New Zealand owned and operated.
Roman Travers has held many roles within radio, TV, and as a voice over artist. This article was first published HERE
3 comments:
Anyone who believes a bank is their to support and look after their customers is naive in the extreme.
You have to have a bank account these days. And honestly, who wouldn't have one? Unless you want to hide your savings under your bed with no interest or miss out on the convenience of cash cards.
And to buy a house, for 99.9% of us mere mortals, you have to have a mortgage.
Banks have a captive market. They all charge very similar interest rates and fees. They wiggle them a little to make it look like they're in competition.
Banks deal in money to make money. Lots of it.
My wife and I have invested money in the SBS at a very good rate plus all profits remain in NZ. More Kiwis should have a look at their rates and support local. Kiwialan.
if one thinks any of the au banks are minting money, all one needs to do is open a bank, offer higher rate on deposits and lower rate on loans & capture the market. so, why don't they? is it because rbnz will not allow anyone to open a bank? also, why doesn't kiwibank does that? i wonder why kiwis allow their taxes to prop up a kiwi entity that hates kiwis - young & old, rich & poor :( all their love is reserved only for mr lal!
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