Funding pressures and infrastructure spending are to blame for a 13% decline in Kiwibank’s net after-tax profit in the last half of 2016.
The bank has reported it made net profit of $63 million for the six months to the end of December 2016.
This result is down from a $71 million net profit over the same period in 2015.
The bank’s parent company, Kiwi Group Holdings (KGH) which includes Kiwibank, Kiwi Wealth, Kiwi Insurance and New Zealand Home Loans, also saw a decline in net profit in the same period.
It dropped to $65 million from $73 million over the same six month period in 2015...MORE»
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