While the spread from bank's operation could be high (e.g. about 50% asshown in Westpac and NZ Banks in 2019), the profit margin is generallysignificantly lower than that. Which of the following explains such phenomenon? a) Banks' non-interest expenses can be quite high b) The banks' shareholders demand high dividend payments c) The agency problems in running a bank are very high d) Off-balance sheet realised losses eat up the profit annually. e) High exposures to foreign currency turn into