Kiwibank finds business appetite to borrow in difficult economy
The bank reported a weaker net profit in the year ended June, and says the next two months are ‘crucial’ for its capital raise process.
Business lending expanded by $1 billion over the year.
New Zealand-owned Kiwibank has reported a weaker full-year profit but is bullish about its business banking prospects as the economy recovers.
Its net profit was $191 million in the year ended June, down 5% on $202m last year. The net interest margin (NIM) fell from 2.38% to 2.25%.
Strong balance
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