By Nick Stride
Friday 8th October 2004 |
Text too small? |
The appearance of near-profitability has been created by Kiwibank's parent, New Zealand Post, "gifting" it a revenue stream worth $38.2 million in the latest year.
Without that, Kiwibank would have run up a loss of around $39 million rather than the $490,000 deficit it reported.
In the June year Kiwibank had $22.4 million of net interest income and $20.6 million of fee revenue, but operating expenses were $80 million.
Only the addition of the "agency services fee revenue," which was previously included in New Zealand Post's accounts, allowed it to avoid reporting a heavy loss.
In March Kiwibank chief executive Sam Knowles described Kiwibank's financial performance as "very encouraging," giving the impression a forecast profit for the year ahead was based on the success of its discount banking operations.
"There has been sustained growth in our home loan book with good quality mortgages. We have been able to maintain our competitive advantage on rates, particularly in the variable loan market," Knowles said.
No comments yet
Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER