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ASB's mortgage book shrinks for a fifth successive quarter

Commonwealth Bank of Australia-owned ASB Bank's mortgage book shrank for a fifth successive quarter in the three months ended June although its profitability improved.

Friday, August 26th 2011, 9:44AM

by Jenny Ruth

ASB's June quarter disclosure statement shows its mortgage book (taken from the on-balance sheet portion of its loan-to-valuation ration table) shrank by $47 million to $37.41 billion in the three months. It has shrunk by $498 million since March 31 last year.

However, commentary in the report says: "Home loan market share is steady at 22.2%."

Because the three smaller home-lending banks have yet to report their June quarter results, ASB's current market share can't be calculated, although it was 22.35% at March 31.

According to Reserve Bank figures on mortgage lending, which historically have had a poor correlation to the figures disclosed in banks' quarterly disclosure statements, the mortgage market grew by $878 million to $168.4 billion in the June quarter and grew by $2.87 billion in the year ended June.

Of the five major banks including the government-owned Kiwibank, ASB and ANZ, the largest of the home lending banks, are losing market share while Westpac, National Australia Bank-owned Bank of New Zealand and Kiwibank are growing their mortgage books reasonably aggressively.

ASB's net profit climbed 9.3% to $153 million in the three months ended June and more than doubled to $568 for the year ended June. However, the increase in the annual result was boosted by a large one-off tax change in the previous year and pre-tax earnings were up a much more modest 7.8%.

However, net interest income jumped 18.4% to $322 million for the quarter and was up 22.5% to $1.27 billion for the year.

Rather than weighing on profit, ASB reversed $8 million in previous charges for bad loans in the quarter, taking the annual charge to $72 million, down from $125 million the previous year.

« Bad loans depress Kiwibank profits BNZ sees growth in mortgage book »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
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
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
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 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.20 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 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.45 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
TSB Bank 6.09 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.99 4.07 4.39

Last updated: 8 January 2020 3:37pm

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