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Source: ONE News
Kiwibank has declared a 9% drop in half year profit to $23.5 million.
The reduced profit, for the six months to the end of 2009, from $25.8 million for the same period in 2008 was "a strong performance in a very difficult financial environment," said Kiwibank chief executive Sam Knowles.
In the period total lending increased 15% from $8.5 billion to $9.8 billion and retail deposits increased 3% from $6.7 billion to $6.9 billion.
The bank has increased provisions for bad debts from $12.2 million to $15.4 million.
The bank successfully raised $309 million through a bond issue in Australia as Knowles said it looked to widen its funding base for domestic residential lending.
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