Kiwibank Reported a Profit of $127 Million in the Fiscal Year till June 30

Kiwibank Reported a Profit of $127 Million in the Fiscal Year till June 30The state owned Kiwibank announced $127 million profit after tax for the fiscal year till 30 June. The bank's profit increased twenty seven percent compared to $100million last year.

Kiwi Group Holdings profit's was boosted by added contributions from its Kiwi Wealth Kiwisaver business and the fledgling Kiwi Insurance business to $132million.

Paul Brock, Chief executive of Kiwibank said that the profit was mainly driven by a focus on "more profitable and diversified revenue growth, backed by solid performance in mortgage lending and customer deposits combined with a strong improvement in credit performance".

The bank owned by NZ Post has approximately 900,000 customers currently which is an increase from the 860,000 customers last year. The number roughly represents one quarter of the total number of New Zealanders.

Two key focus areas for the growth of the bank are in the small business and wealth management markets, which Brock said were critical to the continued prosperity of the country.

According to Brock, in the year, the bank's share in the small business market increased from an earlier 6.3 percent to 7.8 percent.

According to him, the customers recognizing Kiwibank as their main financial institution also increased to 427,000 which now had additional 37,000 as compared to last year.