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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 4.55 2.25 2.59 2.89
ANZ 4.44 2.85 3.19 3.49
ANZ Special - 2.25 2.59 2.89
ASB Bank 4.45 2.25 2.59 2.89
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.25 ▼2.55 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.85 ▼3.15 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
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 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 ▼3.40 ▲3.64
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 ▼2.55 ▲2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.99 3.29
SBS Bank Special - 2.29 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.25 2.59 2.79
The Co-operative Bank - Standard 4.40 ▼2.75 3.09 3.29
TSB Bank 5.34 3.05 3.29 ▲3.59
TSB Special 4.54 2.25 2.49 ▲2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.85 3.19 3.49
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - ▼2.25 2.59 2.89
Median 4.55 2.71 2.99 2.89

Last updated: 6 May 2021 10:51am

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