Kiwibank profit bounces back after ring-fencing IT project

Fri, 24 Aug 2018

By Paul McBeth Aug. 24 (BusinessDesk) - Kiwi Group Holdings, the parent of state-owned Kiwibank, more than doubled annual profit as it bounced back from a problematic IT project that was beset by write-downs and triggered a spat between the lender's shareholders. Net profit rose to $115 million in the year ended June 30 from $53 million. The year-earlier result included a $90 million write-down on the CoreMod IT project which has now been dropped. Stripping out those costs and some one-off insurance payments from the Kaikoura quake, unde...

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