KiwiBank Boosts Post Group Half Year Result
The New Zealand Post Group performed well in the six months to 31 December 2007, and has reported a net profit after tax of $52.9 million, says Group Chief Executive John Allen. “Taking account of new International Financial Reporting Standards, we have made a $4.5 million improvement – an increase of over nine per cent on the previous half year result. ”
Our result shows the benefits of our diversification strategy, with positive performances by Datamail, Postal Services and Express Couriers. Kiwibank contributed $22.7 million to our half year result.
“The past period has been exciting for us. The local government elections showed the power of the New Zealand Post Group at producing and delivering mail items. Our Value of Mail campaign has tugged at the nation’s heartstrings and reinforces the power of mail as a communications tool. We’ve also opened two new sustainably designed mail centres in Auckland and Christchurch.
“Over the period, Kiwibank has continued to grow. It’s seen a 55 per cent increase in lending, and a 30 per cent increase in retail deposits. It’s also won two awards for its new mobile banking service, and the Marsh Most Improved Performance award in the Deloitte Top 200 awards”.
John Allen says that, overall, he’s pleased with the performance of the Group, given that all parts of the business operate in highly competitive markets. “Typically, we record our strongest performance in the first six months of the year. I expect that this trend will continue and that the six months ahead will be challenging, although our diversification strategy positions us well.”
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