Fatter floating rate margins help Kiwibank to triple profit

Tue, 21 Aug 2012

By Paul McBeth Aug. 22 (BusinessDesk) - State-owned Kiwibank more than tripled annual profit as it reaped the rewards from fatter margins in the drift to floating mortgage rates, and halved the charge on earnings caused by bad debts. Net profit climbed to a record $79 million in the 12 months ended June 30, from $21 million a year earlier, the Wellington-based lender said in a statement. The bank squeezed more from its 800,000 strong customer base, with net interest income jumping 35 percent to $257 million on a 7.4 percent increase in gross...

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