Friday, February 25, 2011

KIWIBANK

I see Kiwibank's profit is down by 41% due to a 133% increase in their provision for bad debts.

I guess that goes with the territory when you set up a bank targeting customers that other banks wouldn't touch with a barge pole.

Not being judgemental. Just stating a fact.

7 comments:

Adolf Fiinkensein said...

Absolutely right, Vet.

Our very own little socialist Fannie Mae or is it Sonny Jim?

Anonymous said...

The story, at least as reported in the Dom/Post, was that their impaired assets were 0.49% of total assets as compared to the figures of greater than 1% for three of the major banks.
I think you may be pushing your claim up a very steep hill on this type of evidence.

pdm said...

Anon - Have they paid a dividend to the government yet? I don't think so.

In fact as I recall they go cap in hand to the Government for a hand out each year.

Another black hole left by Clark, Cullen and Anderton to sit beside KiwiRail.

alwyn said...

pdm.
Paying a dividend is not a necessity for a successful company. Many very good companies don't pay dividends because they are growing rapidly and can use the money more profitably in the business.
I doubt for example, although I don't know, whether Trademe ever paid a dividend before it was sold to Fairfax.
Warren Buffet's outfit has NEVER paid a dividend in more than 50 years. It's got a pretty good record though.
I don't actually think that much of Kiwibank, although it's probably the best of the Labour party creations. I don't think however the bad debt figure you quote is very good evidence of it being a dud.
ps. I am the Anon above. I hadn't worked out how to put a name with it.

Anonymous said...

so will your fuck*ng useless national party sell the bloody thing, not bloody likely, so why do you harp on about it like a broken record when you know english and key are as weak as ladies piss

Adolf Fiinkensein said...

Anon above.

Kiwibank has never made a trading profit and is years from doing so.

It is a sham company whose income is propped up (subsidised) by the politically convenient inclusion of NZ Post's pre-existing contracted OTC service income.

Like all Labour enterprises it is founded on a lie.

Anonymous said...

"Kiwibank has never made a trading profit and is years from doing so.

It is a sham company whose income is propped up (subsidised) by the politically convenient inclusion of NZ Post's pre-existing contracted OTC service income."

An outright and blatant fib from the dolt. Or perhaps it's just an inability to read an annual report and financial statements. One way or the other embarrassing for someone who is apparently an insurance salesman.