BNZ increases market share

National Australia Bank-owned Bank of New Zealand's share of the mortgage market ticked up during the March quarter, as did that of TSB Bank while HSBC's looked to have dipped.

Tuesday, June 26th 2007, 6:35AM

by Jenny Ruth

BNZ's latest general disclosure document (GDS) shows its mortgage book grew to $21.83 billion at March 31 from $20.97 billion in December, lifting its share of mortgages written by registered banks to 16.2% from 16.15% in December, although that was still down from its 16.35% share in March last year.

BNZ's net profit for the latest quarter rose 9.9% to $144 million bringing its first-half result to $330 million, up 22.2% on the previous first half.

Taranaki-based TSB's mortgage book rose to $1.7 billion at March 31 from $1.61 billion in December, lifting its market share to 1.26% from 1.24% in December, although that was down from 1.3% in March 2006.

TSB's net profit rose 11.4% to $8.15 million for the latest quarter, lifting its annual result to $34.86 million, up 11.3% on the previous year.

HSBC's declared mortgage book fell to $2.23 billion at March 31 from $2.32 billion in December. That puts its market share at 1.65% from 1.79% in December and 1.79% in March 2006. HSBC has had a number of accounting issues which have been distorting the reporting of its mortgage book for several years.

HSBC's net profit for the quarter rose 18.2% to $9.1 million.

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BNZ increases market share

National Australia Bank-owned Bank of New Zealand's share of the mortgage market ticked up during the March quarter, as did that of TSB Bank while HSBC's looked to have dipped.

Tuesday, June 26th 2007, 6:35AM

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