Kiwibank annual profit rebounds after last year’s IT hit, disharmony between shareholders bubbles to surface

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Kiwibank’s annual profit has bounced back after last year’s was smashed by the impairment of its written-off core banking upgrade CoreMod.

The state owned bank’s June year net profit after tax more than doubled to $115 million from just $53 million the previous year. However, this year’s profit is still below 2016’s, which came in at $124 million.

Kiwibank’s total operating income rose $99 million, or 20%, to $539 million, and its operating expenses climbed $34 million, or 10%, to $373 million.

Net interest income gained $43 million, or 12%, to $411 million, and gross fees and other income rose $10 million, or 5%, to $211 million. The bank’s loan impairment losses came in at $1 million versus write backs of $6 million last year. The June year included an $11 million pre-tax CoreMod impairment on top of the previous year’s $90 million. 

Lending increased 2.7% to $18.304 billion, and customer deposits – which contribute 87% of total funding – rose 1.2% to $16.173 billion.

Meanwhile, Stuff is reporting that disharmony between Kiwibank’s shareholders is bubbling into the public eye with The Guardians of NZ Super and ACC filing a notice of claim with NZ Post alleging NZ Post breached its obligations by failing to make available information that would have disclosed risks with the CoreMod project.

 NZ Post sold a combined 47% stake in Kiwibank to the New Zealand Superannuation Fund and Accident Compensation Fund in 2016.

Here’s Kiwibank’s press release and here’s a results presentation.

More to come.

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