Kiwibank's half-year profits were down NZ$21 million, largely - but not entirely - due to the impairment costs of its now-abandoned core banking system upgrade. The bank said its unaudited net profit fell to $42 million from $63 million in the previous corresponding period. This included an $8 impairment in relation to the ditched CoreMod upgrade and $7 million in operational costs incurred in winding up the project. Acting CEO Mark Stephen added that there had also been a "significant slowdown" in lending growth over winter and in the lead up to the New Zealand election, but it had now "returned to more normal levels." There was no indication in the bank's announcement of when there would be a permanent replacement for former CEO Peter Brock, who left at the end of last year.