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	Podcast:		Heather du Plessis-Allan Drive
	Episode:		John Kensington: KPMG head of banking and finance on the expected drop in profits in 2023
	Category:		News & Politics
	Duration:		00:04:02
	Publish Date:		2022-12-14 09:23:22
	Description:		The non-banking finance sector has had a profitable year, but they expect to face an uncertain future in 2023. A new survey out of KPMG states that credit unions, finance companies and other non-bank lenders saw profits increase by 56 percent in the year to September. However, the report says these companies should expect to prepare for a slowing economy and tougher regulations in 2023, especially when factoring in the expected recession. KPMG's head of banking and finance, John Kensington, says that rising inflation and interest rates have gone on a lot longer than predicted and the rising costs will impact household in some capacity. LISTEN ABOVE See omnystudio.com/listener for privacy information.
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