AM co-host Ryan Bridge defends banks' record profits

  • 09/03/2023

AM co-host Ryan Bridge has defended banks' record profits, warning Kiwis to be "careful what you wish for".

The Government faces mounting pressure to investigate banking profits after last year, before tax, banks made $10.2 billion, which equates to roughly $1.1 million in profit every hour. 

"This is all I have to say on the matter: Be careful what you wish for," Bridge said during AM on Thursday.

"Yes they make billions of billions of dollars but they are big entities, they employ tens of thousands of people."

Bridge said according to an ANZ report from 2019, banks' profitability is about 13 percent, which is about the "middle of the pack" for NZX-listed companies.

"So are you going to tax everybody who is making 13 percent as a return on equity? Wouldn't that be the fair thing to do? Why are we just singling out banks?"

Watch the video above.