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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
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 ▼6.19 ▼5.69 ▼5.69
ANZ ▼7.89 6.79 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 6.19 5.69 5.69
ASB Bank 8.39 ▼6.19 ▼5.69 ▼5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.94 - - -
BNZ - Rapid Repay ▼7.94 - - -
BNZ - Std ▼7.94 6.45 5.89 5.79
BNZ - TotalMoney ▼7.94 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.99 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 ▼6.19 ▼5.75 5.69
Co-operative Bank - Standard 8.15 ▼6.69 ▼6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.60 6.10 -
First Credit Union Standard 8.50 7.20 6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 6.15 5.69 5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.69 6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼6.95 ▼6.29 ▼6.29
SBS Bank Special - ▼6.35 ▼5.69 ▼5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 7.09 6.59 6.59
TSB Special 8.39 6.29 5.79 5.79
Unity 8.64 6.29 5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 ▼6.50 ▼5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.39 6.47 6.10 5.79

Last updated: 12 October 2024 6:37pm

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