Kiwibank's 2H profit plummets 87% on covid, other costs

Tue, 01 Sep 2020

Kiwibank's second-half net profit plummeted 87 percent on covid-19-related provisions and a steep rise in costs, in part because it is taking over branches from New Zealand Post. That dragged the bank's annual net profit down to $57 million – with only $6 million of that earned in the second half – from $108 million the previous year. Charges against profit for bad loans jumped to $51 million from $12 million the previous year to reflect Kiwibank's current view of the coronavirus impact. The bank continued to grow lending at a fast cli...

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