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Big rise in NZ Post profit

17 September 2004

Hon Matt Robson MP, Progressive Deputy Leader

Big rise in NZ Post profit points to more investment in Kiwibank

Progressive MP Matt Robson says the dramatic rise in after-tax profit recorded by NZ Post in the year to June 30 points to further investment in its expanding Kiwibank nation-wide retail banking network.

"That is great news for anyone that uses a bank in New Zealand because New Zealand-owned Kiwibank's lower average fees, competitive services and nationwide reach are putting pressure on all the big Australian-owned banks to match these services," Matt Robson said.

It was reported today that New Zealand Post, the owner of Kiwibank, recorded a net profit after tax of $36.5 million in the year to June 30, up 35% from the previous year aided by a strong performance from its international mail business and a positive contribution from Kiwibank.

Kiwibank customer numbers grew this year by 72 per cent to 253,000 with 16 new branches opening in 12 months. The bank's financial performance is now almost one full year ahead of target.

Kiwibank, after just two years of trading, has exceeded all targets and expectations of even the most optimistic backers. NZ Post is investing in Kiwibank's expansion and it is now well advanced with plans for small business banking and the introduction of Kiwibank ATMs.

Kiwibank is the brainchild of Progressive Party leader, Jim Anderton

ENDS

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