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

 

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news