Kiwibank grows aggressively, first-half profit down 18%

Kiwibank grows aggressively, first-half profit down 18%
Jenny Ruth
Kiwibank's first-half net profit fell 18 percent as its interest margin narrowed and operating costs rose but it aggressively increased market share.The bank, which is 53 percent-owned by New Zealand Post, 25 percent by the NZ Superannuation Fund and 22 percent by ACC, reported a net profit of $51 million for the six months ended December, down from $62 million in the same six months a year earlier.Chief executive Steve Jurkovich said he was pleased with the growth in lending."Our purpose is to be the New Zealand-owned bank that makes Kiwis bet...

More Finance

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024