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TSB lifts Sept Qtr profit, grows mortgage book

TSB Bank's net profit rose 12.7% in the September quarter despite a jump in charges against profit for bad loans and its mortgage book grew faster than its market share.

Thursday, November 24th 2011, 6:40AM 1 Comment

 


The community-owned bank's September quarter disclosure document shows net profit rose to $11.9 million in the three months ended September, up from $10.6 million in the same quarter last year.

While charges against profit for bad loans jumped to $1.4 million from $0.5 million in the year-earlier quarter, that was offset by a 43% jump in other operating income, including commission from TSB Realty and TSB Foreign Exchange, to $4.4 million.

TSB's mortgage book grew by $36.3 million to $2.42 billion in the three months ended September.

Using Reserve Bank figures as a proxy for the market, TSB accounted for 6.3% of all net new mortgages written by registered banks in the quarter although its market share was 1.44%, up from 1.42% at the end of June.

Of TSB's mortgage book, 80.4% had loan-to-valuation ratios (LVRs) of 80% or less while 12.1% had LVRs above 90%. Most of the latter are government-backed Welcome Home Loans.

« ASB's mortgage book shrinks for a sixth successive quarterKiwibank's profit surged and mortgage book growth accelerated in Sept »

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Comments from our readers

On 25 November 2011 at 10:30 am DFA said:
Not sure how they can write home loans when they are not a QFE - or is the FMA turning a blind eye to their bank officers giving home loan and personal risk insurance advice.
Commenting is closed

 

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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 ▼4.65 ▼4.80 -
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 5.15 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 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 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 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.97 4.05 4.39

Last updated: 24 January 2020 8:55am

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