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

IRD issues warning to crypto holders ahead of audits
Finance

IRD issues warning to crypto holders ahead of audits

The IRD has identified 227,000 crypto-asset users in NZ and contacted those at risk.

Staff reporters 04 Jul 2024
$1.65b project to simplify switching banks a 'flop'
Finance

$1.65b project to simplify switching banks a 'flop'

Open banking has hindered competition rather than helping it, says lobby.

AAP 04 Jul 2024
MTF to investigate bullying claims
Finance Exclusive

MTF to investigate bullying claims

Chief executive Chris Lamers said he takes the claims 'very seriously'.

Murray Jones 04 Jul 2024
Payments NZ could play key role in open banking standards
Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 01 Jul 2024