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Kiwibank six-month financial announcement

25 February 2013


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

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