During the fiscal year, loans and advances increased by 39% from NZ$2.61 billion to NZ$3.63 billion, while deposits increased 64% from NZ$2.38 billion to NZ$3.90 billion. The group also revealed that the number of customers joining the bank in the 12-month period increased by another 100,000 to more than 550,000.
Sam Knowles, CEO at Kiwibank, described the result as very satisfactory in an increasingly competitive market. He added that it was very challenging to maintain momentum in the present housing market, but that adding a billion dollars of loans was a good performance.