A pricey and time consuming project to overhaul the core banking system of Kiwibank has reached its value-destroying conclusion."The board has decided that the delivery path of the project to modernise Kiwibank's core banking system will not meet its key transformational objectives therefore the project has been closed and alternative options are being considered," the bank said in its disclosure statement for the September 2017 quarter.The bank recognised an impairment of NZ$11 million in the quarter, on top of a write off of NZ$90 million over the full year to June 2017."The decision to close the project will result in an increase in related operating expenditure during the current financial year," the bank noted.Its net profit of NZ$14 million for the quarter was half that reported for the June 2017 quarter.