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  

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

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Save time searching; subscribe to the SME Stream where you can listen to relevant, timely, business-related content today.&nbsp;
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