Kiwibank Banking Group's net profit hard hit by IT project impairment

Thu, 31 Aug 2017

By Rebecca Howard Sept. 1 (BusinessDesk) - Kiwibank Banking Group posted a 57 percent drop in full year net profit while its holding company, Kiwi Group Holdings, reported a 56 percent drop, due to the significant impact of an IT project impairment. Kiwibank's net profit was $53 million in the year to June 2017 versus $124 million in the prior period while its underlying profit was $122 million compared with $124 million in the prior period. The bank's holding company, Kiwi Group Holdings, which includes Kiwibank, Kiwi Wealth and Kiwi I...

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