(New Zealand) – New Zealand’s new “People’s Bank” – Kiwibank – has posted a better than expected loss of NZ$10.2 million for the year to June 30, around NZ$1 million less than expected.Formed out of the NZ Post Office, Kiwibank had NZ$86.1 million in deposits at June 30, and NZ$43 million in home loans.
In the two and a half months since then, however, Kiwibank has expanded rapidly, with deposits now at NZ$160 million and home loans NZ$100 million.