Friday 28th August 2015 |
Text too small? |
Kiwibank, the banking unit of state-owned New Zealand Post, will pay its first annual dividend after 13 years of operation, reflecting its increased size, record profits and its ability to fund its own activities.
Wellington-based Kiwibank increased profit 27 percent to $127 million in the year ended June 30, as revenue gained 17 percent to $560 million, according to a statement from NZ Post. Net banking interest revenue rose 24 percent to $359 million.
Launched in 2002, Kiwibank will pay its first annual dividend to its parent this year, following on from the payment of a $22 million dividend in March from its first-half earnings. The board is likely to make a decision on the final dividend next month.
Kiwibank contributed the bulk of NZ Post's $143 million profit in the past year, as it benefited from net interest margin growth, said group chief executive Brian Roche.
BusinessDesk.co.nz
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes