Kiwibank to pay first annual dividend in 2015
Annual dividend to parent NZ Post follows $22 million first-half earnings payment.
Kiwibank CEO Paul Brock talks about his company's result on NBR Radio or on demand on MyNBR Radio.
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
EARLIER: Kiwibank, the banking unit of state-owned New Zealand Post, will pay its first annual dividend after 13 years of operation, reflecting its increased size, record profits and its ability to fund its own activities.
Wellington-based Kiwibank increased profit 27% to $127 million in the year ended June 30, as revenue gained 17% to $560 million, according to a statement from NZ Post. Net banking interest revenue rose 24% to $359 million.
Launched in 2002, Kiwibank will pay its first annual dividend to its parent this year, following on from the payment of a $22 million dividend in March from its first-half earnings. The board is likely to make a decision on the final dividend next month.
Kiwibank contributed the bulk of NZ Post's $143 million profit in the past year, as it benefited from net interest margin growth, group chief executive Brian Roche said.
(BusinessDesk)
Tina Morrison
Fri, 28 Aug 2015
Fri, 28 Aug 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Kiwibank to pay first annual dividend in 2015
51022