Kiwibank grows home loan market share

Kiwibank says its home loan book was affected by the slowing housing market but it still managed to increase market share in the December quarter and net profit for the three months was up 35% from the same quarter a year earlier.

Tuesday, March 25th 2008, 6:36AM

by Jenny Ruth

Kiwibank's mortgage book grew $240 million to $4.23 billion in the three months, taking its market share from 2.97% at the end of September to 3.05% at the end of December, using Reserve Bank figures on loans by registered banks secured by housing as a proxy for the market.

That compares with 2.28% in December 2006. Part of the increase reflects about $600 million in AMP-branded mortgages acquired from HSBC Bank.

Net profit for the three months rose to $11.2 million from $8.3 million in the year earlier quarter, taking the bank's six month profit to $22.7 million, up 31.4%.

Kiwibank says its retail deposits grew $392 million in the latest six months and its Online Call accounts by $189 million, reflecting uncertainty in the financial sector.

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Kiwibank grows home loan market share

Kiwibank says its home loan book was affected by the slowing housing market but it still managed to increase market share in the December quarter and net profit for the three months was up 35% from the same quarter a year earlier.

Tuesday, March 25th 2008, 6:36AM

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