Latest news with #NewZealand-owned
Scoop
2 days ago
- Business
- Scoop
TSB Lifts Profit And Builds Momentum For Digital Investment
TSB Bank has reported another year of strong financial performance and strategic progress. The Bank delivered a net profit before tax of $57.6 million for the year ending 31 March 2025, up $6.7 million on the previous year. In the 2025 financial year $15m in dividends have been declared to shareholder Toi Foundation Holdings Limited (the investment management entity of philanthropic organisation Toi Foundation), an increase on the $10m declared in the prior financial year. Performance was underpinned by a $7.8 million increase in net operating income and a 1.7% reduction in operating costs. Lending and deposit growth remained strong, with commercial lending up 29% and deposits increasing by 2%. TSB also maintained strong asset quality, with non-performing loans at just 0.5%, below the industry average of 0.7%. Chair Mark Darrow says the results reflect the Bank's focus on simplifying operations to pave the way for accelerated investment in digital capability. 'TSB is now in a strong position to evolve into a digital-first bank that delivers on the expectations of modern consumers and businesses, while staying true to our customer-first values and high-quality service,' Darrow says. 'We're laying the foundations for long-term growth by investing in the right technologies, talent and tools. Our goal is to build a bank that earns trust through great service today and innovation for tomorrow - and to do so in a way that reflects our deep community roots.' Chief Executive Officer Kerry Boielle says TSB's progress is a testament to the hard mahi of our people and our ongoing commitment to delivering more for our customers and communities. 'We've made great progress this year in strengthening our systems and products, so in the year ahead, people can expect TSB to step up and offer more for everyday New Zealanders and small to medium sized businesses. 'With our community background we know we can provide a fantastic level of care in this space, so that's where we're focused on improving our offering.' TSB was named Canstar's Bank of the Year for Credit Cards for the third consecutive year in 2025 - recognition of its focus on delivering customer value. The Bank also continued to invest in customer protection, enhancing fraud prevention systems including rolling out Confirmation of Payee. Looking ahead, Boielle says regulatory reform is needed to support improved competition and innovation across the sector. 'While regulation is essential to a safe banking system, some requirements are disproportionate and hinder innovation. 'We're calling on policymakers to introduce true proportionality in banking legislation so that New Zealand-owned banks like TSB can invest more rapidly in the products and services our customers need.' With TSB celebrating its 175th anniversary in 2025, Darrow says the Bank is focused on future growth. 'We're incredibly proud of our legacy and excited about what lies ahead. Our ambition is to become New Zealand's digital bank of choice – one that continues to put people first for generations to come.'
Scoop
3 days ago
- Business
- Scoop
Kiwibank Launches Game-Changing Startup Funding
Press Release – Kiwibank Kiwibank StartUp+ launches today as a market-first funding solution designed specifically for startups. This initiative is about more than capital; its about providing tailored support that grows alongside Kiwi businesses. Kiwibank is stepping up to change the game – building a financial ecosystem that empowers startups, unlocks opportunity, and fosters sustainable business growth for New Zealand. Kiwibank StartUp+ launches today as a market-first funding solution designed specifically for startups. This initiative is about more than capital; it's about providing tailored support that grows alongside Kiwi businesses. Elliot Smith, Chief Customer Officer – Business, acknowledges that banking has historically missed the mark for startups – but that's changing now. 'Startups don't fit into traditional lending models, and we recognised the need for a more tailored and flexible approach that genuinely supports early-stage businesses. This is us challenging the status quo to better serve these businesses and it's exactly the kind of innovation that will strengthen the startup economy. 'Startup founders deserve financial solutions that work with them, not against them. They wear many different hats each day, and the financial decisions can sometimes feel daunting, so we're making funding simple, easy and accessible to help them unlock their potential early. 'Kiwibank StartUp+ is designed to evolve alongside businesses, creating a foundation for sustainable growth so entrepreneurs can focus on what matters – building something great.' Designed for the fast-paced nature of early-stage businesses, Kiwibank StartUp+ provides progress-based funding, structured to support startups at each stage of their journey without the usual barriers. This solution adapts to the needs of growing businesses, ensuring they receive the right support when they need it most. Kiwibank's General Manager of Business Banking, Joanna Greaves explains the move reflects Kiwibank's accelerating momentum in the business sector. 'We're backing Kiwi businesses at pace and that's evident in our faster than market growth. We've accounted for 25% of all business lending in New Zealand last year, giving us a good feel for what Kiwi businesses need right now. 'Launching Kiwibank StartUp+ is a leap forward in building the funding landscape New Zealand needs to stay competitive, innovative and resilient,' Greaves adds. Ministry of Awesome – Electrify Chairwoman, Marian Johnson explains Kiwibank's move shows what's possible when traditional institutions evolve with the times. 'Startups face complex challenges that traditional funding models simply don't account for. It's exciting to see our New Zealand-owned bank step up with something truly fit-for-use. This is what happens when major institutions act with agility and purpose. It's the kind of support that can transform our entrepreneurial ecosystem,' says Johnson. The programme will launch as a pilot in partnership with the Ministry of Awesome and feedback from participating businesses will shape the future of the initiative, ensuring it continues to meet the evolving needs of startup businesses. For more information about Kiwibank StartUp+, including eligibility details, visit Kiwibank is a purpose-led organisation that has modern, Kiwi values at heart and keeps Kiwi money where it belongs – right here in New Zealand. As a Kiwi bank, with more than a million customers, our trusted experts are focused on supporting Kiwi with their home ownership aspirations and backing local business ambitions, so together we can thrive here in Aotearoa and on the world stage. Kiwibank is the #1 bank in Kantar's 2025 Corporate Reputation Index and the only bank in the top 15. To find out more about Kiwibank visit
Scoop
4 days ago
- Business
- Scoop
Kiwibank Launches Game-Changing Startup Funding
Kiwibank is stepping up to change the game – building a financial ecosystem that empowers startups, unlocks opportunity, and fosters sustainable business growth for New Zealand. Kiwibank StartUp+ launches today as a market-first funding solution designed specifically for startups. This initiative is about more than capital; it's about providing tailored support that grows alongside Kiwi businesses. Elliot Smith, Chief Customer Officer - Business, acknowledges that banking has historically missed the mark for startups – but that's changing now. 'Startups don't fit into traditional lending models, and we recognised the need for a more tailored and flexible approach that genuinely supports early-stage businesses. This is us challenging the status quo to better serve these businesses and it's exactly the kind of innovation that will strengthen the startup economy. "Startup founders deserve financial solutions that work with them, not against them. They wear many different hats each day, and the financial decisions can sometimes feel daunting, so we're making funding simple, easy and accessible to help them unlock their potential early. "Kiwibank StartUp+ is designed to evolve alongside businesses, creating a foundation for sustainable growth so entrepreneurs can focus on what matters – building something great." Designed for the fast-paced nature of early-stage businesses, Kiwibank StartUp+ provides progress-based funding, structured to support startups at each stage of their journey without the usual barriers. This solution adapts to the needs of growing businesses, ensuring they receive the right support when they need it most. Kiwibank's General Manager of Business Banking, Joanna Greaves explains the move reflects Kiwibank's accelerating momentum in the business sector. 'We're backing Kiwi businesses at pace and that's evident in our faster than market growth. We've accounted for 25% of all business lending in New Zealand last year, giving us a good feel for what Kiwi businesses need right now. 'Launching Kiwibank StartUp+ is a leap forward in building the funding landscape New Zealand needs to stay competitive, innovative and resilient,' Greaves adds. Ministry of Awesome - Electrify Chairwoman, Marian Johnson explains Kiwibank's move shows what's possible when traditional institutions evolve with the times. 'Startups face complex challenges that traditional funding models simply don't account for. It's exciting to see our New Zealand-owned bank step up with something truly fit-for-use. This is what happens when major institutions act with agility and purpose. It's the kind of support that can transform our entrepreneurial ecosystem,' says Johnson. The programme will launch as a pilot in partnership with the Ministry of Awesome and feedback from participating businesses will shape the future of the initiative, ensuring it continues to meet the evolving needs of startup businesses. For more information about Kiwibank StartUp+, including eligibility details, visit About Kiwibank Kiwibank is a purpose-led organisation that has modern, Kiwi values at heart and keeps Kiwi money where it belongs – right here in New Zealand. As a Kiwi bank, with more than a million customers, our trusted experts are focused on supporting Kiwi with their home ownership aspirations and backing local business ambitions, so together we can thrive here in Aotearoa and on the world stage. Kiwibank is the #1 bank in Kantar's 2025 Corporate Reputation Index and the only bank in the top 15. To find out more about Kiwibank visit
NZ Herald
4 days ago
- Business
- NZ Herald
Kāinga Ora wool carpet contract a win for increased sustainability
The awarding of a contract to install wool carpets in Kāinga Ora homes will be welcome news for several sectors. Kāinga Ora has confirmed a $2 million contract for the supply of wool carpet in some of its new state housing builds and renovations has gone to New Zealand-owned
NZ Herald
15-06-2025
- Business
- NZ Herald
Why Government spending on tourism is great news for Kiwis wanting to leave
Louise Upston has unveiled a new tourism plan to grow air and cruise travel. Photo / Mark Mitchell Opinion by David Coombes David Coombes is CEO of the House of Travel Group, including House of Travel, Orbit World Travel and Mix & Match, the largest New Zealand-owned travel company and the largest privately owned retail travel company in Australasia. THE FACTS Louise Upston has been busy championing the tourism industry and the Government's intent to drive tourism growth in recent months. Last Monday's announcement of a $35 million-plus tourism package will set the stage for years to come, with the focus on re-establishing this little country at the bottom
