SBS takes margin hit to keep mortgage rates down
SBS Bank took a hit in the June quarter after deciding not to pass on rising wholesale interest rates to its customers.
The bank's bottom line slumped and its mortgage book also shrank slightly in the three months.
Chief financial officer Tim Loan says his bank had a "fantastic" year in the year ended March 31 so rather than worrying about bottom line profit it decided to return a "dividend" in the form of lower mortgage rates.
"We took that hit through our interest rate margin and that's an ongoing benefit that we're providing," Loan says...MORE»
Insider Paul Brock to replace Knowles at KiwibankThursday, September 2nd, 12:07PM
Kiwibank's next phase of development will be led by an existing member of the state-owned bank's senior management team, Paul Brock, to replace founder chief executive Sam Knowles. MORE» |
ANZ mortgage market share dipsSunday, August 29th, 9:17PM
ANZ Bank's share of the mortgage market continued to slide in the June quarter although its profitability improved markedly as a result of lower charges for bad loans. MORE» |
ASB enters home equity release market
ASB has entered into the home equity release market which was active but is currently extremely dormant.
MORE»Mortgage Link appoints replacement for Butler
Mortgage Link has appointed a new independent director to replace Ross Butler.
MORE»TSB lifts mortgage market share but profit drops
TSB Bank grew its share of the mortgage market slightly in the June quarter but net profit fell sharply due to factors such as interest expense growing faster than interest income and tax changes.
MORE»BNZ stepped up mortgage lending in June quarter
Bank of New Zealand's mortgage book in the June quarter grew at its fastest pace since the June quarter of 2009 despite the overall mortgage market being particularly slow.
MORE»Westpac grabs 44% of all new home loans
Westpac continued to grow its mortgage book aggressively in the June quarter and its profitability jumped sharply on much lower charges for bad loans.
MORE»
