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Kiwibank performance better than expected

Kiwibank performance better than expected

(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.
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