Kiwibank result overview for the six months to 31 December 2021
- NPAT $64m, up 16% from $55m in HY21
- NPBT $89m, up 14% from $78m in HY21
- Revenue $328m, up 19% from $276m in HY21
- Cost to income falls to 70.7%, from 71.7% in HY21
- Net interest margin 2.04%, from 1.94% in HY21
- Lending growth $1.9b, up 20% from $1.6b in HY21
- Net deposit growth $1.4b, up 10% from $1.3b HY21
- Investment in technology remains a strategic priority to improve scalability for future growth, with $50m spent during the period, broadly double the investment in the prior year
Kiwibank today announced a net profit after tax of $64m for the six months to 31 December 2021, up 16% on the same time last year.
Chief Executive Steve Jurkovich said the bank recorded improvements across all key internal financial metrics and outperformed the market in home loan and business banking growth, meaning it grew at a faster rate than the banking industry as a whole.
“This strong result is due to our strategy which balances purpose and performance, and is driving more savers, homeowners and businesses to choose to bank with the largest New Zealand-owned bank,” Mr Jurkovich said.
“Total lending growth of $1.9b for the half (up 20% on the prior period) was driven by the strong housing market and solid demand, with above market growth from our continued focus on the expansion of adviser channels.
“Business banking growth was flat on the prior half, but well above the rest of the market. This was due to a refreshed strategy focused on key customer segments and high demand from the business sector to work with a trusted New Zealand brand.
“At the same time, we continued to make good progress on initiatives to improve customer experience, while doing everything we can to ensure we strengthen the fundamentals of our products and customer service with a determination to be safe, reliable, and available.”