Kiwibank's annual profit eases as fee income drops

Thu, 22 Aug 2019

By Jenny Ruth Aug. 23 (BusinessDesk) - Kiwibank’s annual net profit fell $7 million, reflecting both lower fee income and one-off gains in the previous year. Net profit fell to $108 million for the year ended June despite net interest income rising 8.3 percent to $445 million. Gross fee and other income fell to $185 million in the year from $211 million. “We had a record year for lending and deposit growth, margins generally remained firm, but profits were down slightly. A contributing factor was a reduction in fee income which is g...

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