Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kiwibank six-month financial announcement


25 February 2013


MEDIA RELEASE


Kiwibank six-month financial announcement

Kiwibank has declared a profit of $58 million after tax for the six months ended December 31, 2012. This compares with a profit after tax of $38 million for the same period in 2011.

In the six months from July 1, 2012 to December 31, 2012:

• Total lending (home loans, business banking and credit cards) increased 3% from $12.4 billion to $12.8 billion
• Customer deposits increased 6% from $11.6 billion to $12.3 billion

Kiwibank Chief Executive Paul Brock said the bank was clearly building on the solid growth it had achieved over the last 18 months.

“Kiwibank is now 11 years old and has been through growth and recessionary cycles. This has made us stronger and helped build very solid foundations for the future.

“New Zealand now has a very competitive banking market with aggressive competition in the home loan market and significant improvements across the board in customer service and satisfaction.

“I’m proud that Kiwibank has led the way in these areas and is consistently acknowledged as being the market leader for service.”

Mr Brock said deposits now accounted for 85% of all bank funding.

Impaired assets to gross loans and advances ratio has improved from 0.67% in June 2012 to 0.43% at 31 December 2012.

Mr Brock said the bank had successfully launched a $150 million subordinated bond offer late last year and the level of support indicated strong confidence in the company’s strength and future earnings.

Mr Brock said the bank has now captured 10% of the personal customer market and still believes there is strong potential for growth in the small and medium business banking market

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news