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.
State-owned lender Kiwibank has extended its mark in the
funds management business with the acquisition of high
profile KiwiSaver funds manager, Gareth Morgan Investments.
Kiwibank's smart car, dubbed "Raymond", will be in Queenstown
this week as part of a nationwide road trip seeking
nominations for the 2012 Kiwibank New Zealander of the Year
Kiwibank says a 5.4 percent six-month fixed rate mortgage
special launched today is the lowest home loan rate it has
offered since opening more than nine years ago.
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