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BNZ's home loan market share down

Bank of New Zealand lost a smidgen of mortgage market share in the September quarter but its profitability nearly doubled compared with the same quarter last year.

Thursday, December 22nd 2005, 1:50AM

by Jenny Ruth

That seems to confirm perceptions that the BNZ hasn't been as aggressive in the mortgage market lately.

The bank's mortgage book grew by $600 million, or 3.4%, to $18.107 billion in the three months, putting its market share at 16.3%, down from 16.34% at the end of June, using Reserve Bank of New Zealand figures as a proxy for the market.

The overall mortgage market grew $3.777 billion, or 3.5%, to $110.938 billion, the RBNZ figures show. Net profit for the three months jumped to $147 million from $76 million in the previous September quarter, bringing the bank's annual net profit increase to 14.9% to $541 million.

The most significant change in the quarter was that operating expenses dropped 22.4% to $197 million.

The notes to the accounts indicate that reflected write-offs of data processing assets in the previous year's result and a significant drop in related entity expenses.

BNZ's total assets grew $1.034 billion to $43.942 billion in the September quarter and by $4.632 billion in the year ended September.

« Superbank reviewing its New Zealand businessSuperbank says business as usual »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.69 ▼2.69 ▼2.99
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 ▼2.69 ▼2.69 ▼2.99
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 2.69 2.75 2.99
The Co-operative Bank - Standard 4.40 3.19 3.25 3.49
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.17 3.22 3.12

Last updated: 16 July 2020 2:33pm

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