Kiwibank September quarter profit slips as expenses rise faster than income

Kiwibank September quarter profit slips as expenses rise faster than income

Kiwibank ramped up dividend payments in the September quarter, paying $24 million which is equivalent to almost 73% of its quarterly net profit.

The subsidiary of state owned enterprise New Zealand Post has now paid $46 million worth of dividends this calendar year. The first proper dividend was paid in March, a little more than 13 years after Kiwibank was launched. In its June financial year the bank paid dividends totalling $22 million.

Kiwibank's September quarter general disclosure statement shows the bank made unaudited net profit after tax of $33 million, down $2 million, or 5.7%, from the same quarter of last year. The profit drop came as operating income rose 3.4% and operating expenses increased 9%.

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