Not sure the maths is right

Laura Walters of Fairfax launches a thinly veiled outrage attack on our banks, what I shall now call “outrage journalism”

New Zealand’s main banks made $2.13 a day for every man, woman and child in the country in the three months to December 31.

That compares with $1.93 in the September quarter, but is well down on the $2.87 earned in the December 2011 quarter.

The latest KPMG Financial Institutions Performance Survey shows net profits for the December quarter at the country’s main retail banks were $855 million, up 10.5 per cent on the previous quarter.

I’m not sure the maths is right. Let’s examine. 

Population of New Zealand: 4,404,000 or there abouts

4,404,000 x $2.13 = $9,380,520 per quarter.

$9,380,520 x 4 quarters = $37,522,080 across all banks.

But hang on a minute…Laura Walters claims that net profits were $855 million….where is the missing $818 million from their calculations. Bear in mind too that teh $855 million is the result of just one quarter. It looks like Fiarfax and their junior reporter are out by far more than I first thought.

Even if she was out by a factor of 10 the sums still don’t add up.

Dodgy data is dodgy data, the story is a manufactured piece of unadulterated bullshit. Laura Walters clearly knows something we don’t know…either the population of New Zealand is vastly under reported or she is shit at maths.

 

 


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  • Graeme Edgeler

    Whalefail, I’m afraid: you missed the bit where Ms Walters says “$2.13 A DAY”.

    Multiple your answer by the number of days in a quarter and you’ll see them match up.

    • Bugger…

      • Mr_Blobby

        No wrong again. try SORRY.

        • Isn;t that in the dictionary between shit and syphilis?

          • Mr_Blobby

            Yes, but that has nothing to do with the price of fish today. Just man up and say sorry.

  • cows4me

    You have 4,404,000 x 2.13 per quarter, should that not be per day x per quarter?

  • Rockfield

    Cam,
    Your math is wrong, $2.13 a day, times the population, times 91.5 approx. for a quarter.
    R.

    • My maths was right, it was my comprehension that failed

      • Mr_Blobby

        No you were wrong. Now I know that “you are not a politician so you don’t have to admit that you are wrong.”

  • MacMac

    Sorry. this time it is your maths. Story says Per DAY !!

    So your calc should be 4,404,000 x 2.13 x (365 / 4) = 855,972,450

    I have not checked other parts of story or KPMG report

  • Fill yer boots, I failed comprehension…you don;t get many chances to give me a slash so have at it

    • Rockfield

      I’m sure Shayne Currie could make a story out of it ….
      R.

    • tarkwin

      Relax, Fairfax cock it up all the time and they don’t even notice.

      • Dave

        They do notice it as soon as the errors are published on WOBH, then they change it without Thanks!!

    • GregM

      You are turning into ” a trained and skilled journalist”
      Hahahaha!!

      • Agent BallSack

        Thems fighting words!

    • Agent BallSack

      Must be time to take a few days and shoot some shit, relax and forget everything for 2 days Cam.

      Edit: Surely theres some hunting lodge anxious for a write up in NZs most widely read blog.

  • Colin Cloudesley

    Whaleoil u got a few bites from this article, please tell me I m right, or I may never believe in you again.

  • island time

    Since when does a banks performance have anything to do with the population of a country. Never seen it as a KPI in their annual reports. Regardless of the maths, it is just a load of bullshit.

  • toby_toby

    “New Zealand’s main banks made $2.13 a day for every man, woman and child in the country in the three months to December 31.

    That compares with $1.93 in the September quarter, but is well down on the $2.87 earned in the December 2011 quarter.”

    I don’t have a problem with this. I don’t have a problem with companies being profitable, just as I don’t have a problem with people being rich. What I have a problem with is how companies and people make their money. Bernie Maddof, for example, made his money by ripping people off. I have a problem with that.

    I’ve been with ASB for a very long time and they’ve treated me well (as far as banks go). They provide a service for I pay for and I’m happy with that arrangement.

    Lefties, on the other hand, seem to have a problem with companies and individuals who are well off. They believe that faux outrage should be generated and that everyone should hate rich people.

  • Rat

    Lets home Cameron doesn’t try to analyse any other financial claims…major Facepalm. (BTW two spelling mistakes in your third to last paragraph).

    • Steve (North Shore)

      ‘home’ ?? speedy gonzales

  • johnbronkhorst

    New Zealand’s main banks made $2.13 a day for every man, woman and child in the country in the three months to December 31.

    That compares with $1.93 in the September quarter, but is well down on the $2.87 earned in the December 2011 quarter.

    So it appears the banks are making more money….begs 2 things

    1. SO FUCKING WHAT!

    2. Surely this is a good indicator, as the banks only make money by:
    a. Borrowing at one rate and lending out, at another.
    b. Paying deposit interest and lending out at the rate in a. above.
    All of this means more money in the bank ie we are all better off, and higher economic activity which benefits the economy creating growth and jobs etc.

  • Captain Cumbucket.

    I think perhaps someone owes Laura Walters an apology. And you should change the name of the post to “Not sure I understand maths”.

  • He needs a break. Back to back work till 12 each night would dull anyone’s comprehension. The problem is that he is his own boss and won’t cut himself any slack.
    Hunting is exactly what he needs. Any time off to re charge quite frankly would do.

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