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HSBC's mortgage book shrinks but profits jump

The Hong Kong & Shanghai Banking Corp's New Zealand branch's mortgage book continued to shrink during the June quarter but its profitability jumped sharply.

Monday, October 5th 2009, 3:47PM

by Jenny Ruth

The bank's latest general disclosure statement (GDS) showed net profit jumped 34.4% to $12.7 million in the three months ended June, taking net profit for the six months ended June to $25.8 million up 86.4% on the same six months a year earlier.

The quarterly increase was despite a $1.2 million increase in charges against profit for impaired loans, taking such charges for the six months to $4.4 million compared with $3.2 million in the same six months a year earlier.

HSBC's mortgage book shrank to $1.04 billion at June 30 from $1.11 billion three months earlier and from $1.25 billion at June 30 last year. The bank's interest income from total advances to customers shrank to $116.7 million in the six months ended June from $175 million in the previous first half but its interest expense also dropped to $96.2 million from $217 million previously.

The bank's total assets also shrank to $5.26 billion at June 30 from $6.36 billion a year earlier but net assets rose to $25.6 million from $20.2 million.

HSBC's GDS was the last of the home-lending banks to be lodged. Total mortgage lending by those banks grew $2.01 billion to $151.88 billion in the June quarter. That's a significantly different figure from the $159.07 billion reported by the Reserve Bank, which put the quarter's growth at just $1.77 billion.

The GDS figures show all four of the largest banks lost market share during the quarter with the largest, ANZ National Bank and ANZ's New Zealand branch, share slipping from 33.32% in March to 32.89% in June. That's down from 34.05% in June last year.

The smaller banks, with the exception of HSBC, all gained market share, the stand-out being the government's Kiwibank whose share jumped from 4.67% in March to 5.13% in June. Kiwibank's market share in June last year was 3.51%.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 23 February 2024 11:59am

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