Kiwibank continues explosive growth; ASB profit drops
Kiwibank's net profit jumped 93.3% to $14.3 million in the three months, bringing the increase in profit for the nine months ended March to 33.5% to $40.1 million, its general disclosure document (GDS) shows.
Kiwibank's profit growth was despite its charge against profit for impaired loans jumping $3.6 million in the quarter, bringing the charge for the nine months to $9.7 million.
By contrast, the only one of the four major banks to publish its GDS so far, ASB Bank, saw its net profit slide 40.6% to $98 million in the quarter, taking its nine-months profit to $336 million, down 22.2% on the same nine months a year earlier.
ASB's profit was dragged down by an $80 million jump in charges for impaired loans in the March quarter, bringing the nine-months charges against profit to $147 million.
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