The state-backed bank saw profits soar from $57 million in 2020 to $126 million in the year to June 2021.
The nation's fifth biggest bank grew net lending by $3 billion, an increase of 13%.
Residential mortgage lending grew by $2.2 billion, an 11% increase, while business lending grew by $0.8 billion, an increase of 51%.
Kiwibank chief executive Steve Jurkovich cited the home loan market as a major driver of the improved numbers, and said the group would continue to expand its network of advisers.
“The strong housing market has played a significant role, as well as our consistently competitive and market-leading interest rates. In addition, the focus on growing our frontline banking expertise and starting to expand our reach via advisers, demonstrates our changing business and the shifts we are making to better meet customer preferences, as well as how we are showing up to help more Kiwi homeowners in a variety of ways.”
The results come as Kiwibank continues its plan to work with more advisers. The bank began a pilot programme with two dealer groups earlier this year, and has plans to work with more groups to grow its mortgage business.
Aside from strong lending figures, Jurkovich said deposit growth, cost discipline, benefits from technology and digital investments, and the “anticipated release of bad debt provisioning” for Covid-19 were behind the improved performance.
“I’m proud of the progress Kiwibank continues to make as we strive to deliver on our goal to become the bank of choice for even more Kiwi – whether that’s getting into a new home, investing in their businesses, or bringing change to New Zealand through our purpose-led approach,” Jurkovich said.
Jurkovich added the bank would work with customers affected by the latest lockdown.
“We’ve moved quickly to update information on our website. We urge customers worried about their financial situation to get in touch so we can work through the options available.”
