Kiwibank first-half profit sinks 32% as IT costs mount

Thu, 22 Feb 2018

By Paul McBeth Feb. 23 (BusinessDesk) - Kiwi Group Holdings, the parent of Kiwibank, Kiwi Wealth and Kiwi Insurance, posted a 32 percent slide in first-half profit as the country's fifth-biggest lender bore escalating costs of a dud IT project that's already been written down by $90 million. Net profit fell to $44 million in the six months ended Dec. 31 from $65 million a year earlier, the Wellington-based company said in a statement. The bottom line included $8 million of impairment losses on the CoreMod IT software project and another...

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