TSB's market share dips
Taranaki-based TSB Bank has been increasing its profitability as well as its mortgage book, although its mortgage market share has slipped slightly.
Monday, November 28th 2005, 6:43AM
by Jenny Ruth
Its market share slipped from 1.29% to 1.28% over the quarter and from 1.3% at the end of the March quarter, using Reserve Bank figures as a proxy for the market.
However, September quarter net profit jumped 18% to $8.6 million compared with the September quarter of 2004 after a 12.9% increase to $7.9 million in the June quarter. That brought its increase in net profit for the six months to 15.5% to $16.5 million.
TSB's total assets grew 11.8% to $2.45 billion during the half year.
TSB and the government-owned Kiwibank are the only locally -owned banks operating in New Zealand.
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