Kiwibank wants to be a challenger and to embrace advisers

The bank had to dial back its growth after capital eligibility issues with the Reserve Bank and the write-off of a big technology project.

In the six-months to December 31 lifted first-half net profit 47.6% as it achieved more than twice the growth in deposits and lending in the latest six months as it managed in the whole of the previous full year.

Net profit rose from $42 million in the corresponding period last year to $62 million.

Kiwibank says its deposit book grew 9.2%, or by $1.2 billion, after growth of $200 million in the previous full year, while its mortgage book grew by 7.2%, or by $1 billion, double the previous full-year growth.