Mortgage News
Kiwibank's profit dives 40% but mortgage book surges in Dec Qtr
Friday 19th of February 2010
The bank's December quarter general disclosure statement (GDS) shows net profit for the three months ended December fell 40% to $9.7 million, largely because of a 27% drop in net interest income to $33 million.
Managing director Sam Knowles says the fall is primarily a consequence of new Reserve Bank regulations which has intensified competition for retail deposits. "As a consequence, th...
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