FY26 results show Kiwibank outpacing rivals despite a lower annual profit
Kiwibank has posted $3.1 billion in retail and business lending growth for the year ended 30 June 2026, outperforming all major competitors even as net profit after tax fell to $174 million, down from $191 million in FY25, primarily on the back of a lower net interest margin.
Adviser channel central to home lending growth
Kiwibank helped nearly 8,000 people onto the property ladder over the year, including more than 3,200 first-home buyers, and supported close to 5,500 customers to refinance.
Kiwibank chief executive Steve Jurkovich (pictured) said the adviser channel remains central to how the bank reaches borrowers.
"Most Kiwi choose an adviser when they're buying a home or looking for options on their lending," Jurkovich said. "We value the partnership we have with advisers, which is why we will continue to invest in making it easier for them to work with us."
Lending and deposits grow faster than the market
Total lending rose to $38.9 billion, with retail home lending up $2.1 billion and business lending growing by $1.0 billion. Deposits climbed $2.4 billion to reach $32.7 billion.
Jurkovich said the results reflect continued momentum despite a difficult economic backdrop.
"Regardless of the economy, our focus remains on maintaining momentum through customer and market share growth while helping more Kiwi be better off," he said.
Savings conditions and technology investment in focus
Jurkovich also flagged concerns about savings account conditions across the banking sector more broadly, saying Kiwi households and businesses could be missing out on around $500 million a year in interest due to complicated eligibility conditions that don't reflect how most customers bank.
Alongside that consumer-focused messaging, Kiwibank also continued investing in its technology platform over the year, including progressing a new core banking system, enhancing fraud detection capabilities, and introducing AI-powered tools within customer service operations.
Looking ahead, Jurkovich struck a confident tone for the year ahead.
"The stronger Kiwibank becomes, the stronger the competition we will bring to the market, and that's good for Kiwi and good for New Zealand," he said.
Kiwibank's own disclosure statement offers advisers further reassurance on the bank's underlying position: 91% of its $33 billion on-balance-sheet residential mortgage book carried a loan-to-value ratio of 80% or less as at 30 June 2026, while its common equity tier 1 capital ratio stood at 11.5%, well above the regulatory minimum of 4.5%.
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