Kiwibank targets business banking
(2 September 2004 – New Zealand) Kiwibank has posted a NZ$490,000 loss for the full year to June 30, 2004 compared with a loss of NZ$8.03 million the previous year.
The bank, which is owned by New Zealand Post, said it had made a profit in each of the past three quarters and expected to make a positive announcement for the first six months of 2005.
The bank also announced it would launch a business banking pilot in Wellington later this year which will involve providing banking services to a selected number of businesses. It will look to expand the program next year.
"New Zealand Post has received approval from the government for the expansion of banking services into business banking," Kiwibank chief executive Sam Knowles said.
"This is a logical development for the bank after its strong entry into personal banking two and a half years ago."
In 2004, Kiwibank’s home loans grew by more than NZ$500 million to NZ$1.03 billion and the bank now has total assets of $1.3 billion. The bank’s deposits for the period grew from NZ$465 million to NZ$960 million.
The bank currently has 300 branches and 250,000 customers but expects numbers to continue growing at more than 100,000 a year.
Knowles said the bank’s major strength was having a presence in more communities than any other bank in New Zealand.
The bank also announced it would launch a business banking pilot in Wellington later this year which will involve providing banking services to a selected number of businesses. It will look to expand the program next year.
"New Zealand Post has received approval from the government for the expansion of banking services into business banking," Kiwibank chief executive Sam Knowles said.
"This is a logical development for the bank after its strong entry into personal banking two and a half years ago."
In 2004, Kiwibank’s home loans grew by more than NZ$500 million to NZ$1.03 billion and the bank now has total assets of $1.3 billion. The bank’s deposits for the period grew from NZ$465 million to NZ$960 million.
The bank currently has 300 branches and 250,000 customers but expects numbers to continue growing at more than 100,000 a year.
Knowles said the bank’s major strength was having a presence in more communities than any other bank in New Zealand.
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