Kiwibank Outpaces Market in Mortgage Growth

Kiwibank's mortgage book expanded by NZ$2.48 billion in the year ending June 2024, growing at 2.7 times the rate of other banks. This surge highlights its role as a market disruptor. Despite high interest rates, Kiwibank's total net lending increased by 9.3%, reaching NZ$32.4 billion. The bank's net profit rose 15.4% to NZ$202 million, supported by a decrease in bad debt charges. CEO Steve Jurkovich attributes the bank’s success to strong customer momentum and a strategic focus on growth. Kiwibank, backed by government capital, remains committed to challenging the dominance of the four major banks and welcomes future capital to sustain its growth trajectory.

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