Kiwibank profit leaps by a third to a record

Kiwibank has been contacting thousands of customers facing rising interest rates. (Image: Kiwibank)

Thu, 24 Aug 2023

State-owned lender Kiwibank notched up a record profit as it kept the taps open in a cooling credit market. Net profit jumped to $175 million in the 12 months ended June 30 from $131m a year earlier, with a 26% lift in net interest income to $794m. Kiwibank’s gross lending grew 7.1% to $29.78 billion, of which home loans climbed 4.7% to $24.25b. Other term lending rose 17.7% to $4.46b, and other lending jumped 38.8% to $504m. The bank’s deposits grew 6.4% to $25.76b.The rising interest rate environment has boosted lending...

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