Kiwibank grows aggressively, first-half profit down 18%

Fri, 21 Feb 2020

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...

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