Kiwibank substantially boosted its parent New Zealand Post's
profit for the year ended June, with figures supplied to the
market showing NZ Post would have barely broken even without
the bank's contribution.
A Dunedin man is feeling the pinch of bank fees.
Former Kiwibank chief executive Sam Knowles has been
appointed a director of Mid Canterbury dairy processor
Synlait Milk Ltd.
An improved interim profit from Kiwibank in the six months to
December helped save face for its parent New Zealand Post,
which continues to suffer from falling letter volumes and
A tight control of costs helped Government-owned Kiwibank
report an operating profit of $111 million for the year ended
June, nearly three and a-half times the profit reported last
A glitch in Kiwibank's system that caused disruptions to
processing and access to internet and phone banking has been
resolved, the bank says.
New Zealand Post is working quickly to move into the digital
age as fewer letters are posted and customers look for
Kiwibank's first half profit at $37.9 million has rebounded
strongly from $13.9m for the comparable period a year ago.
Further consolidation of KiwiSaver providers is likely after
the announcement yesterday that Government-owned Kiwibank has
bought Gareth Morgan Investments' businesses.
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