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BNZ sees growth in mortgage book

BNZ grew its mortgage book strongly during the June quarter although non-cash losses reduced its profitability.

Monday, August 29th 2011, 10:14AM

by Jenny Ruth

BNZ's June quarter disclosure statement shows its mortgage book, using the same capital adequacy-based measure www.goodreturns.co.nz has used since December 2002, grew by $337 million to $27.07 billion in the three months, slightly faster than the $314 million growth shown in the March quarter.

Another measure of its mortgage book, BNZ's note on loans and advances to customers, showed a similar figure of $334 million growth in the June quarter, up from $311 million in the March quarter.

Its loan-to-valuation ratio (LVR) table, which includes off-balance sheet mortgages such as loans approved but not drawn down, stood at $29.79 billion, up $348 million in the three months.

While Reserve Bank figures on mortgage lending have a poor correlation to the figures disclosed in banks' quarterly disclosure statements, they show mortgage lending by registered banks grew by $878 million to $168.4 billion in the June quarter compared with $472 million in the March quarter.

If the central bank's figures could be relied upon, that would put BNZ's market share at 16.08% at June 30, up from 15.96% at March 31, using the capital adequacy-based measure.

BNZ's actual market share, based on all the bank's on-balance sheet figures, at March 31 was 15.95%.

BNZ's net profit for the June quarter fell 18.6% to $131 million while profit for the nine months ended June was down 33% at $386 million.

However, the results were distorted by one-off tax write-backs in the year earlier figures and by a $45 million loss on the fair value of financial instruments in the latest quarter compared with a $56 million gain in the year-earlier quarter.

Net interest income actually rose 7.7% to $350 million for the quarter and by 8.2% to $1.03 billion for the nine months.

BNZ's charges against profit for bad loans fell sharply to $19 million in the latest quarter from $47 million in the June quarter last year. These charges for the nine months ended June fell to $114 million from $135 million.

« ASB's mortgage book shrinks for a fifth successive quarterTSB and SBS banks show divergent trends »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 ▼3.09 3.25 3.39
ANZ Special - ▼2.49 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
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 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 ▼2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 ▼2.99 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.49 2.69 2.79
Median 4.55 2.94 2.99 2.80

Last updated: 29 October 2020 5:00am

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