Kiwibank mortgages up 11% as profit doubles

The state-backed bank saw profits soar from $57 million in 2020 to $126 million in the year to June 2021.

The nation's fifth biggest bank grew net lending by $3 billion, an increase of 13%.

Residential mortgage lending grew by $2.2 billion, an 11% increase, while business lending grew by $0.8 billion, an increase of 51%. 

Kiwibank chief executive Steve Jurkovich cited the home loan market as a major driver of the improved numbers, and said the group would continue to expand its network of advisers.