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SBS holds its home loan market share

SBS Bank’s September quarter net profit fell 12%, largely reflecting a drop in net interest income, while its share of the mortgage market held steady over the quarter.

Tuesday, January 5th 2010, 9:07AM

by Jenny Ruth

SBS Bank's general disclosure statement (GDS) shows net profit dropped 12% to $2.64 million as net interest income fell 7.8% to $14.23 million.

A 34.7% jump in other income, largely loan and other fees and insurance income, to $4.42 million in the three months was all but offset by a $4 million charge against profit for bad loans.

SBS's six month profit was up 16.6% to $6.26 million.

The bank's mortgage book grew by $30.8 million to $1.71 billion in the three months, holding its market share at 1.11%. Of the total book, $220.6 million were the government-backed Welcome Home Loans which accounted for 79% of SBS's mortgages with loan-to-valuation ratios above 90%.

SBS was the last of the home-lending banks to lodge its GDS. The stand-out features of the quarter were the government-owned Kiwibank's continuing rapid increase in market share, largely at ANZ Bank's expense.

Kiwibank's market share stood at 5.45% at September 30, up from 5.13% at June 30 and from 3.76% at September 30 2008. ANZ's market share (the combined share of its New Zealand subsidiary, ANZ National, and its New Zealand branch) has fallen from 33.77% at September 30 2008 to 32.85% at September 30, 2009. (The figures are distorted by ANZ National reporting under the Basel ll rules while the ANZ branch reports under the Basel l rules.)

Westpac and ASB Bank lost a small amount of market share over the year while the community-owned TSB Bank saw its market share jump from 1.25% over the year to 1.33%.

 

« Westpac records above average lending growthEconomists expect RBNZ to leave OCR unchanged »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.97 5.75 5.69

Last updated: 6 December 2024 9:11am

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