Improvement on returns for banks

New Zealand bank returns improved in the September quarter as five of the six main retail banks achieved the benchmark 1 per cent return on assets, Massey University's Centre for Banking Studies said yesterday.

Return on assets improved for the September quarter versus the June quarter for three of the six banks - ANZ Banking Group, WestpacTrust and ASB Bank. Returns declined for Bank of New Zealand, National Bank of New Zealand and TSB.

Five of the six banks achieved the benchmark 1 per cent return on assets, with only ASB below the 1 per cent threshold.

ANZ and WestpacTrust were the highest returning banks, showing record returns for the period since disclosure was brought in in 1996, the report said.