Tag: New Zealand Post

Kiwibank declares NZD 36.8 million profits

Posted by | Aug 27, 2008 | |

Kiwibank has announced an after-tax profit of NZD 36.8 million for the 12 months ended 30 June 2008. Chief Executive Sam Knowles described the result as “very satisfactory in a challenging economic environment”.

The profit for the previous year (2007), has been restated under new accounting procedures adopted by banks, from NZD 25.5 million to NZD 30.9 million.

Mr Knowles said in the last year:
Loans and advances increased 57 per cent from NZD 3.6 billion to NZD 5.6 billion
Retail deposits increased 46 per cent from NZD 3.3 billion to NZD 4.8 billion

Mr Knowles said the continued growth in loans and deposits was an excellent result for the bank. “Our very strong deposit growth enabled the bank to be largely self-funded for residential and small business loans. This reduced the bank’s exposure to the more expensive and volatile wholesale markets and enabled us to maintain competitive home loan rates. In fact the bank continually led the market down in loan interest rates, but still maintained some of the best term deposit and online call rates available.”

The increase in the loan portfolio included the acquisition of the AMP home loan portfolio of NZD 700 million.

He singled out small to medium business banking as one of the key strengths in the continued improved performance by the bank. “We clearly have struck a chord with small businesses in New Zealand. They like our rates and they like our service. We are getting very solid growth in our business-banking portfolio, but at a level that we can ensure we maintain excellent service.”

1 USD = 1.42672 NZD

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NZ Post still shores up Kiwibank

Posted by | Aug 6, 2008 | |

Kiwibak total assets at the end of March this year were NZD 6.6 billion, a 51 per cent increase on the previous year but still modest when compared to our biggest bank, ANZ National, with total assets of NZD 112.5 billion.

Kiwibank’s speedy growth means it continues to rely on its parent New Zealand Post for the additional capital it requires to back its increasing loan book. It cost taxpayers NZD 80 million to start. Since then about another NZD 260 million has been poured in, including NZD 55 million in additional capital in the 12 months to June last year, and probably a further NZD 30-40 million to to June this year.

“We will soon be in a position where we won’t need that additional capital,” says chief executive Sam Knowles. “We’re pretty close to that point where our profits will be supporting growth.”

Kiwibank remains a small bank, with only about a 2.5 per cent share of the market.

Last year, Kiwibank’s June year net profit was NZD 25.5 million, a 61 per cent increase on NZD 15.8 million in 2006, which was more than double 2005’s NZD 7.2 million first profit.

But their much smaller size aside, Kiwibank’s reported profits have always raised questions as to how comparable they are to those of other banks.

Sceptics say there has been no clarity over how much of Kiwibank’s bottom line is from business such as bill payments, which was previously part of NZ Post’s operations.

Mr Knowles says it Kiwibank’s sharing of NZ Post’s outlets would make any prospective sale of the bank somewhat problematic.

1 NZD = 0.722146 USD

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NZ Post Joins the iPhone Revolution

Posted by | Jul 11, 2008 | |

New Zealand Post and Kiwibank are set to join the international info tech revolution associated with the launch of the iPhone. The next generation 3G iPhone is a combination of mobile phone, iPod for music and video, and pocket-sized access to the internet.

The technology provides opportunities to more effectively deliver information and services to customers.

Kiwibank has designed a version of its internet banking to “fit” the iPhone perfectly. Conventional websites can be challenging to operate on the small iPhone, but Kiwibank’s site has been reconfigured for simple viewing and rapid access to account information.

Customers will be able to view account balances and transaction histories and be able to make transfers between accounts and credit cards. This service is immediately available to Kiwibank internet banking customers.

New Zealand Post is working with Kiwibank on mapping technology using the iPhone Assisted Global Positioning System (A-GPS) functionality to determine location, via GPS or by triangulating a position using Wi-Fi and cellular towers, to provide information on postal and related services.

This will enable customers to use the phone to locate the nearest PostShop for postal and banking requirements, and will complement the development of improved technology for accessing popular online tools, including those for looking up addresses and retail services.

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New Express Couriers joint venture in Australia

Posted by | Jun 30, 2008 | |

New Zealand Post announced that it has formed Express Couriers Australia Pty Limited (ECA), a 50:50 joint venture with Deutsche Post World Net (DPWN), for the ownership and operation of express courier businesses in Australia. Effective 1 July 2008, the arrangement builds on the success since 2005 of a similar joint venture in New Zealand between DPWN’s express unit DHL Express, and New Zealand Post.

The New Zealand Post-DHL Express structure in Australia encompasses six complementary businesses in metropolitan and regional markets in Queensland, New South Wales, Victoria, South Australia and Western Australia. The businesses include Couriers Please, Parcel Overnight Direct and Northern Kope Parcel Express, three businesses under New Zealand Post ownership. The other businesses to make up the joint venture are: PEP Transport, VicFast Couriers and Hills Transport.

The new structure is called Express Couriers Australia Pty limited (ECA). It will be governed and managed separately from the shareholders’ other Australian interests. The six businesses will be interconnected to form an express courier network with coverage of more than 80 pct of Australia’s populated area, although within their markets the businesses will continue to operate as stand-alone operations.

New Zealand Post Group Chief Executive John Allen said formation of the ECA network is “a very positive step for both shareholders, for each of the businesses involved, and for their customers”.

Mr Allen said the structure gives New Zealand Post 50 pct ownership of a substantial business group in Australia, alongside DHL the world’s leading express and logistics provider. Total shareholders’ investment in ECA is around NZD 140 million. New Zealand Post and DHL Express have completed a series of transactions between them and with other parties to form ECA.

1 USD = 1.31788 NZD

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