Kiwibank lending rises, profit falls

The state-backed bank unveiled its latest set of financial results today, with business lending up 17% and home loans up 4% in the six months to December. 

Overall, profits were down 18% on the same period of 2018, as the bank made $51 million. 

According to the bank's statement, total gross residential mortgage lending was $19.72 billion, up from $17.95 billion at the end of 2018, and $18.8 billion at the end of 2017. 

Steve Jurkovich, CEO of Kiwibank, said the lending growth reflected more customers opting for a domestic bank over foreign domiciled lenders.