Strong lending figures for the financial institution
Kiwibank has announced it has hit one billion dollars in growth in both lending and deposits for the six months ending December 31, 2018.
Among the key highlights for the firm include a 47% increase in net profit after tax (NPAT) to $62 million, a 13% increase in net interest income (NII) driven by strong lending growth and a recovery in net interest margin versus the corresponding prior year period and a 7.2% rise in net loans and advances to customers.
“This momentum across the bank demonstrates Kiwibank’s objective to maintain a level of competition that benefits all Kiwis,” Kiwibank CEO Steve Jurkovich said. “We’ve helped more Kiwis into homes and have shown ourselves to be a market leader with consistent and competitive pricing.
Jurkovich explained Kiwibank’s capital position has remained strong, with its capital ratios well above regulatory minima and higher than most other banks. The next stage for Kiwibank is technology transformation and increased investment to small and medium-sized enterprises (SMEs), he said.
Kiwibank also noted that the current banking market is seeing unprecedented scrutiny around culture and conduct.
“We know that trust is central to customer relationships,” Jurkovich added. “We are crystal clear that conduct and compliance is not a project, a one-off initiative, or a static standard that is reached - it is about.”
