Kiwibank declares $5.4 Million six month profit
Kiwibank has announced a profit of $5.4 million after tax for the six months ended December 31, 2005. This compares with a profit of $2.5 million after tax for the corresponding period in 2004.
Chief Executive Sam Knowles said the bank is continuing its rapid growth in all key target areas.
The highlights for the six months to December 31, 2005:
- Home loans increased 35 per cent from $1.50 billion to $2.03 billion
- Retail deposits increased 23 per cent from $1.30 billion to $1.60 billion
- More than 400,000 customers have now joined Kiwibank
Mr Knowles said it was important that the bank was maintaining its growth momentum in an extremely competitive environment.
"This time last year we announced our first profit for a six-month period followed by an announcement of $7 million for the full year. Clearly this year is going to be bigger and better. We are exceeding expectations in all areas and have passed the milestone $2 billion mark for home loans.
"When the bank was launched we talked publicly of aiming to attract a customer base of at least 200,000. Four years later we have doubled that figure and continue to sign up an average of 450 new customers every business day.
"The figures prove conclusively that there is a place for a New Zealand-owned bank with better service, better interest rates and lower fees than the foreign-owned banks."
Mr Knowles said the steady growth of business banking was very pleasing. We now have 12 business banking centres operating in seven cities and will continue to extend this network to other parts of the country.
Kiwibank incurred $2.7 million in tax for the six-month period.
For further information:
Communications Manager (04) 460 6831;
(027) 475 3521