Kiwibank profit drops nine percent
(22 February 2010 – New Zealand) New Zealand banking operation Kiwibank has reported a nine percent reduction in net profit for the six months ended December 31 2009, compared to the same period in 2008.
The bank declared a profit of NZ$23.5 million (A$18.3 million) after tax for the period, down from NZ$25.8 million from the corresponding period last year.
Sam Knowles, chief executive officer, Kiwibank, described the result as a strong performance in a very difficult environment.
The bank’s total lending for the period increased 15 percent from NZ$8.5 biliion to NZ$9.8 billion; retail deposits also increased three percent from NZ$6.7 billion to $6.9 billion.
Kiwibank increased its provisions for bad debts from NZ$12.2 million to NZ$15.4 million.
Mr Knowles said the performance of Kiwibank had been recognised internationally with the award of the coveted ‘New Zealand Bank of The Year’ by the London-based The Banker magazine.
Mr Knowles said for the year ahead the bank would continue to build on its small and medium business banking base, which he described as ‘one of the strong pillars of the bank’.
Sam Knowles, chief executive officer, Kiwibank, described the result as a strong performance in a very difficult environment.
The bank’s total lending for the period increased 15 percent from NZ$8.5 biliion to NZ$9.8 billion; retail deposits also increased three percent from NZ$6.7 billion to $6.9 billion.
Kiwibank increased its provisions for bad debts from NZ$12.2 million to NZ$15.4 million.
Mr Knowles said the performance of Kiwibank had been recognised internationally with the award of the coveted ‘New Zealand Bank of The Year’ by the London-based The Banker magazine.
Mr Knowles said for the year ahead the bank would continue to build on its small and medium business banking base, which he described as ‘one of the strong pillars of the bank’.
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