Already a subscriber?Jarden has told staff its local banking business made its first profit – $NZ18.4 million for the 12 months to March 31 – four years after arriving and following a difficult period during which staff and costs were slashed.
“All of those costs through restructuring hit in the first half , and in the second half we had a really clean P&L to work to profitability,” Mr Allen toldAt the group level, Jarden recorded an $NZ84 million profit after revenue increased to $NZ306 million last month, from $NZ290 million a year earlier. The bank earned $NZ187 million in revenue over the past 12 months, up from $NZ182 million.
“When you have people coming from other banks, they will have deferred compensation that you must generally meet. A lot of were really picking up liabilities from other investment banks on our balance sheet,” he said. “There have been certain questions that have been raised given how new the Australian business is. To be clear, for all stakeholders internal and external, our business in Australia is profitable and growing,” he said.Jarden staff were alerted to its earnings during a meeting on Tuesday, when Mr Allen and his co-chief executive, Sarah Rennie, detailed the Australian business’ results.