New Zealand Kiwibank Posts Loss Of NZD1.5M
New Zealand government-owned Kiwibank Ltd. posted a loss of NZD1.5 million in the six months to Dec. 31, an improvement from a loss of NZD6.5 million a year earlier, and said it is on track to be profitable in its next financial year.
The bank, owned by state postal company New Zealand Post Ltd., said in a statement Friday that its home loan book increased to NZD793 million from NZD291 million a year earlier, retail deposits rose to NZD697 million from NZD232 million, and the number of customers now exceed 200,000.
“There has been sustained growth in our home loan book with good quality mortgages. We have also been able to maintain our competitive advantage on rates, particularly in the variable loan market,” said Chief Executive Sam Knowles.
The bank, established in February 2002 with about an NZ$80 million capital injection from the government, is “on course to produce a profit in the 2004/2005 financial year,” Knowles said.
