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Kiwibank's profit surged and mortgage book growth accelerated in Sept

The government-owned Kiwibank's profit surged and growth in its mortgage book accelerated in the September quarter.

Friday, November 25th 2011, 10:44AM

by Jenny Ruth

Kiwibank, which doesn't want to comment on a quarterly result, reported a $17.6 million net profit for the three months ended September, more than double the $8.7 million in reported for the September quarter last year.

The latest quarter's profit compares with the Christchurch quake-hit $21.2 million net profit the bank reported for the year ended June.

Kiwibank's latest disclosure document shows net interest income rose 38.1% to $59.9 million in the September quarter while charges against profit for bad loans fell to $7.9 million from $9.5 million.

The document's loan-to-valuation ratio (LVR) table, the measure GoodReturns now uses because all the banks are now reporting it on the same basis, shows Kiwibank's mortgage book grew $318 million in the September quarter to $10.95 billion, up from the $305.4 million growth in the June quarter, $245 million in the March quarter and $194 million in the December quarter last year.

Using Reserve Bank figures as a proxy for the market, mortgage lending by registered banks grew by $577 million to $168.98 billion in the June quarter.

If the central bank's figures match those disclosed in all the banks' disclosure documents - Kiwibank is the third bank to have lodged its September document so far - that would put Kiwibank's market share at 6.5% and it would have accounted for 55.1% of new mortgage lending in the three months.

The LVR table shows 81.4% of Kiwibank's book had LVRs below 80% while 4.3%, or $465.4 million, had LVRs above 90% and $403 million of those loans were government-backed Welcome Home Loans.

« TSB lifts Sept Qtr profit, grows mortgage bookThe pros and cons of NZF's deal »

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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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