Harbour posts profit after BNZ KiwiSaver buy
Harbour, which is now part of the FirstCape group and bought the BNZ KiwiSaver business as part of that amalgamation, reported an $8.1 million net profit for the 15 months ended March compared with a $1.5 million net loss for calendar 2023 – it changed its balance sheet when FirstCape was formed.
Bascand says the change in balance date brings Harbour into line with most of the rest of the funds management industry.
Equity jumped to $124.2 million at March 31 from $8.7 million at Dec 31, including recognising $108.8 million value of BNZ Investment Services, essentially the $6.5 billion BNZ
KiwiSaver scheme, of which Harbour now owns 100%.
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