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TSB Bank lifts profits, mortgage book little changed in September Qtr

Community trust-owned TSB Bank’s profit jumped 15% in the September quarter while its mortgage book was little changed.

Monday, January 5th 2009, 11:15AM

by Jenny Ruth

The bank’s net profit rose to $12.6 million for the three months ended September from $10.6 million in the same three months a year earlier bringing its profit for the six months to $24.4 million, up 13.5%.

TSB’s mortgage book grew just $11.2 million to $1.83 billion in the three months. Mortgages with loan-to-value ratios (LVRs) above 80% grew to 7% of its total book from 6.5% three months earlier while its past due mortgages nearly doubled to $4.2 million from $2.2 million.

With all the banks’ general disclosure statements (GDSs) for the September quarter now published, an apparent sharp drop in National Australia Bank-owned Bank of New Zealand’s mortgage book artificially boosted the market shares of the other banks.

The GDSs also show a big difference between the total of the banks’ mortgage books, $145.29 billion at September 30, and Reserve Bank figures which put the total lending by registered banks on housing at $153.27 billion at September 30.

BNZ’s apparently shrinking mortgage book reflects it reporting under the new Basel ll rules for the first time and re-classifying some loans under other categories. Its mortgage market share dropped from 17.56% at June 30 under the Basel 1 rules to 16.65% at September 30 under the Basel ll rules.

Reflecting the artificial boost provided by BNZ’s drop, TSB’s market share rose from 1.24% in June to 1.25% in September.

The major mortgage market share winners in the September quarter were the Commonwealth Bank of Australia-owned ASB Bank, at 25.05% from 24.63% at June 30, and the government-owned Kiwibank, at 3.8% from 3.51% at June 30.

« Westpac's Q4 profit and mortgage market share shrinkDecisions looming for borrowers »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 3.95 4.15 4.49
ANZ Special - 3.45 3.65 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 3.49 3.55 3.89
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
Lender Flt 1yr 2yr 3yr
China Construction Bank Special - 3.19 3.19 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.65 4.80 -
HSBC Premier 5.24 3.54 3.20 3.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Lender Flt 1yr 2yr 3yr
Pepper Money Near Prime 5.64 - 5.44 5.44
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
Lender Flt 1yr 2yr 3yr
TSB Bank 6.09 4.19 4.35 4.69
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.96 4.09 4.39

Last updated: 21 February 2020 4:32pm

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