Kiwibank profit slides 13pc

Kiwibank chief executive Sam Knowles Photo / Mark Mitchell

Kiwibank has announced an after-tax profit of $45.8 million for the year ended June 30, a decrease of 13 per cent from $52.5m a year ago.

Chief executive Sam Knowles described the result as "solid and consistent with a tough environment".

The bank had emerged from the world recession in strong shape and was on track to increase profit over the coming year.

In the last year it increased loans and advances by 23 percent from $8.5 billion to $10.4b, and retail deposits by 3 per cent from $6.7b to $6.9b.

Knowles said the quality of the bank's lending remained very strong with only 0.3 percent of loans considered impaired, the lowest of New Zealand main banks.

- NZPA