KPMG: Banks Remain Profitable For Third Year
The Bermuda banking sector has remained profitable for a third consecutive year, and Bermuda’s banks continue to be focused on ensuring that their business models evolve to ensure relevance in the face of changing needs of its customers, its regulators, and its shareholders and other stakeholders, according to KPMG in Bermuda’s 2014 Banking Survey.
The 2014 KPMG in Bermuda Banking Survey will be released today [July 17] and is the culmination of a series of roundtable discussions between leaders and key players in Bermuda’s banking industry, including Bermuda Regulators, Board Chairmen & Directors and the Chief Executive Officers of each of the banks – as well as the results of KPMG’s Annual Bermuda Banking Survey.
Craig Bridgewater, Head of Investments & Banking at KPMG in Bermuda, commented: “To remain viable, banks need to make sensible returns for investors while at the same time, continuing to deliver value to customers.
“The results of the 2014 Survey indicate that achieving this is proving an ongoing challenge, especially when taking into account the new regulations and additional risk management.”
Key topics of this year’s report include: the move from customer focus to customer centricity; addressing cyber-security concerns and investment in new technologies; data, analytics and mobile technology in the future of banking; the realities of conducting business in a low interest environment; impacts of increased regulation on the Banking sector; and, the current landscape of Bermuda’s banking industry.
The 2014 KPMG in Bermuda Banking Report, once again distributed by the Bermudian Publishing Company Ltd., presents the results of the fourth annual banking industry survey conducted by KPMG in Bermuda.
The yearly report aims to provide key insights into the performance of Bermuda’s banks over the previous financial year, and to facilitate discussion on the future of the Banking industry in Bermuda.
The 2014 Bermuda Banking Survey is now available, and can be collected free of charge from magazine vendors across the island.
Well, one would hope they would make money with a business model whereby they pay me 0.25% for my savings and then lend that same money to a car buyer at a rate of 6%+. Shylock must be spinning in his grave.
Profitable? Yea sure–big time profitable on a daily basis given low interest paid,but exhorbitant interest+fees charged to clients that the Govt or their BMA Regulator won’t stop!! Wonder if KPMG took into acct the non-performing loans/mortgages they are carrying! Contra KPMG’s profitable story, there’s some good reason International Rating Agencies keep downgrading them!!