Kiwibank’s full-year profit and margins decline amid competitive market
Kiwibank's full-year profit fell to $174 million from $191 million as its net interest margin contracted, though net interest income rose.
Kiwibank reported a lower statutory net profit for the year ended June, down from the previous year, as its net interest margin compressed by 15 basis points to 2.1% in a challenging economic environment. Despite the profit decline, net interest income increased. The bank has started the new financial year strongly but expects continued profitability pressure over the next 12 months as competition intensifies in the sector.
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BusinessDesk
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