Kiwibank write $1 billion worth of home loans
Kiwibank says that its mortgage lending had doubled in the past year and its book was at about $1 billion.
Friday, September 3rd 2004, 6:53AM
The average mortgage balance was $133,395 and the average transaction account deposit was $2785, both up slightly.
Kiwibank is still a small player in the market overall. Its share of the mortgage market is about 1.15%, about 2% for deposits and over 5% for customers.
Customer numbers were increased by around 106,000 in the past year and now total 253,000.
Kiwibank yesterday reported an after-tax loss of $490,000 for the year to June, down from an $8 million loss the previous year and a maiden $10.1 million loss the year before.
Chief executive Sam Knowles says the bank had been in profit for the past three quarters.
The growth in its lending has lifted net interest income from $10.2 million to $22.4 million and banking fee income from $4.5 million to $20.6 million during the past year.
Kiwibank is now offering non-conforming home loans through Bluestone.
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