
Mortgage News
Kiwibank profit falls 13%
Wednesday 18th of August 2010
The subsidiary of New Zealand Post reported net income of $45.8 million in the 12 months ended June 30, from $63.6 million a year earlier.
Interest income dropped 13% to $563.9 million, outpacing an 11% decline in interest expenses to $430.5 million, in a low-interest rate environment where lenders were forced to woo depositors to comply with pending prudential regulations.
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