Kiwibank lifted 1H profit 53% as lending surged

CEO Steve Jurkovich said Kiwibank is unlikely to be paying the government dividends. (Image: Supplied)

Fri, 24 Feb 2023

Government-owned Kiwibank lifted first-half net profit by 53% amid a surge in lending on both housing and to businesses.Kiwibank reported a $98 million net profit for the six months ended Dec 31, up from $64m in the same six months a year earlier, with net interest income also surging 29.5% to $386m.Banks do tend to benefit when interest rates are rising.Kiwibank paid a $13.7m dividend to its parent, Kiwi Group Holdings, but that was to pay the interest due on its New Zealand stock exchange-listed perpetual preference shares, rather than going...

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