Kiwibank full year results for the year ended 30 June 2022: A year of strong delivery on performance and purpose


Kiwibank today announced a net profit after tax of $131m for the 12 months to 30 June 2022, up 4% on FY21. The improved result is the best in the history of the bank and was driven by higher revenue and a continued focus on costs.

At the same time the bank continued to invest heavily in building a better bank for the future and marked its 20th anniversary by revealing its biggest brand transformation in a decade.

Chief Executive Steve Jurkovich said the bank once again outperformed the market across home loan (1.2 x system) and business lending (3 x system), as it continued to grow its share of the New Zealand banking market to become the bank of choice for even more Kiwi.

“Today’s result and our continued success means $131m of profit stays right here in Aotearoa, allowing us to have even more impact for New Zealand in the year ahead as we deliver on our purpose of Kiwi making Kiwi better off.”

Supporting Kiwi into homes despite challenging conditions

Home lending growth of $1.8b was driven by a strong first half of the year which slowed in the second half due to the consequences of changes to consumer lending laws (CCCFA), loan-to-value ratio (LVR) restrictions, a cooling housing market, and rising interest rates.

“Potential buyers are being a lot more circumspect – whether that’s first home buyers holding off, existing owners looking to upsize, or property investors taking a wait and see approach.

“History shows that different cycles occur, and the market will recover. At the same time, we continue to make great progress supporting our customers to achieve their home ownership goals.”

Highlights include:

  • Partnering with more mortgage advisers – clearly the channel of choice for many home buyers and we are committed to supporting our adviser partners.
  • Launching Co-own to provide more options for first home buyers trying to get into the property market.
  • Launching a series of new digital home loan simulation tools that support customers to make informed decisions so they can take action to secure their financial future. This includes the first home buyer calculator and repayments and structuring calculator.
A record year supporting businesses to thrive

Business banking growth of $0.7b was achieved by supporting more customers than ever to take action to achieve their business goals, as the bank continued to invest in building the capability of its specialist business banking team.

“More and more businesses are choosing Kiwibank because they regard us as a trusted Kiwi brand with a strong offering and clear sense of what we stand for. They also recognise that we are a Kiwi business like them that are often competing with larger offshore-owned competitors.

"Our B Corp certification, responsible business banking policy, and the incentives, available to businesses of all sizes to take action on their sustainability journey, are aligned to what customers want and expect from their bank, which is great to see.”

Supporting customers through challenging economic times

Mr Jurkovich said the bank continued to monitor and assess the impact of rising interest rates and inflationary pressures on its customers and urged anyone experiencing difficultly to get in touch if they needed help.

“If you think you need help then don’t hesitate to give us a call. The sooner you do so the easier it is for us to work through a solution with you.”

Looking ahead, Mr Jurkovich said the bank was focused on an offering that is simple, easy, and accessible for customers, and to providing expertise around the products and services that make Kiwi better off.

“This will support our ultimate goal of being the first choice in banking for customers,” he said.

Leading with purpose to have even more impact for New Zealand

Mr Jurkovich said the bank had made good progress delivering on its purpose and sustainability goals in FY22 to have even more impact and support its people, customers, communities, and Aotearoa to be better off.

“We were thrilled to be awarded the Institute of Finance Professionals New Zealand 2022 ESG Award in recognition of our organisation-wide commitment to sustainability. This underlines how we’ve gone about integrating our goals into the way we do business across the bank,” he said.

Progress on Kiwibank’s purpose goals:

Supporting all tamariki to have access to quality financial education by 2030

  • More than 55,000 tamariki took part in financial education programmes in schools with Kiwibank’s partner Banqer

Supporting two million Kiwi to take action to secure their financial futures by 2030

  • More than 1,800 customers and community members received digital banking education through our in-house digital angels and our partnership with Digital Inclusion Alliance Aotearoa
  • Increased the amount of capital we provide Ngā Tāngata to enable 219 more no-fee, no-interest loans to help low-income Kiwi manage debt
  • Helped 452 customers take control of their finances with our voluntary gambling block, saving more than $6.75m in online gambling spend

Provide $2 billion of financial support to SMEs towards their sustainability journey by 2030

  • Established a specialist sustainable finance team to drive Kiwibank’s sustainable finance proposition

Sustainability goals:
  • Reduced our emissions by 20 percent from last year
  • Started the transition of our nation-wide vehicle fleet to EVs, with a target of 50 percent to be fully electric by the end of FY23
  • Delivered 20 thousand credit and debit cards made of recycled plastic to Kiwibank customers, saving 50kgs of plastic from landfill.
  • Established a partnership with Recycle a Device, a charity, where Kiwibank will donate used computers into the community
  • Women in leadership: 43 percent (levels 1-5) against our goal of 40 percent


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